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Greenticker Space with the management of The Initiates Plc · Green Ticker Tales

• 1:15
  Ladies and gentlemen, do bear with us, once we have all the speakers, we would commence. I saw Mr. Chijoki, just a few minutes ago, so, I saw a request to speak, I don't know, it has disappeared too. Once we have all our speakers, we would commence. We're having the management of... Okay, I see him here.
• 1:46
  assistant co here so we just need uh mr ruben and we need um rosemary and daniel rosemary ladies and gentlemen we'll be starting in a few minutes we're just trying to have all our speakers uh up on stage and then comments uh if you're joining this space out of curiosity
• 4:23
  Welcome, welcome, welcome. We'll be having a conversation with the management of TIP, the Initiates PLC. So we just want to have all the management team present for today, have them up on stage and then we'll vote comments. So we're currently putting things together and we should start in a few minutes from now.
• 4:58
  Okay, I see Dania now. Okay. Okay, I've added Dania. Ruben is trying to... Dania, can you accept... Oh, there was an error adding Dania. Meanwhile, Ruben is just trying to connect. It's back to listeners. Let me try again. Vic Adams, can you hear me? Vic Adams, can you hear me? Okay, I see Rosemary now. Okay.
• 8:50
  We got Rosemary trying to connect. Yay. Finally, we got Rosemary, the CFO. Let me connect Daniel. Daniel is connecting. There we go. We're only waiting for Ruben now. Looks like Ruben is still using a flip phone. Hello, Daniel. Can you hear me? Hello, sir. I can hear you loud and clear. Excellent, everyone. Excellent.
• 9:47
  welcome rosemary can you hear me yes i can good evening all excellent excellent we are just waiting for for ceo right now and once we get to you on board then we can start apparently it looks like like i said ceo is still using a flip phone why is making money for our shareholders say uh let's see see your request yeah what's going on guys come on you can do this
• 12:26
  Ruben goes to listen again. I'll invite him to speak. Apparently, Ruben is having connection problems because everybody... Okay, I'll try again. Requested and a speaker. Yeah, there was an error. Howdy, Ruben. Daniel, if you are still here, is it possible for Ruben to use the initiate's handle? Because Ruben cannot speak. There was an error. Howdy, Ruben. No, sir. Mr. Charles. Go ahead.
• 13:47
  I'm actually on the phone with the MD. He's actually in. He says on his system, he can see after... Sorry, my voice is a bit cracking. On the system, he can see after Rosemary is him. But on my system, after Rosemary is actually nursing. Investor. Yeah, I'll be trying to add him. I'll be trying to add him. I just think he has connection problem wherever he is. Because as you can... I've tried adding him like three times now.
• 14:17
  So I don't know the network he's using. I don't know. Like normally when he joins the space, he uses the initiate handle. And I know I tried, I added Daniel a couple of minutes ago, but I can't see Daniel right now. I'm sure he's probably on the phone with him too. So I think the problem is connection. We are trying to connect or whatever network he's using, you know, because...
• 14:43
  I can see you joined easily. You don't have any problem joining. Rosemary joined easily. Daniel joined as well. Daniel joined. When I add him, it says error trying to add him. You understand? So it's either the network he's using has a problem, has connectivity problem, or like I said, if Daniel was, okay, he has requested again, I'll try and add him now. Daniel, hear me? Hello?
• 15:38
  Yes, we can. Yes, we can. Okay, so I'm on now. Okay, Charles, he's on now. Charles, are you there? Charles, are you there? Okay, I guess we can kick off now. Charles, if you can't hear me, since everybody's there, perhaps we should kick off. Senko, Senko, are you there?
• 16:16
  can you confirm if you can hear me yeah i can i can hear you loud and clear but i think um charles uh okay charles is uh okay charles is gone now so charles please go ahead you know i can't say okay okay okay thank you very much uh you know good things don't come easy right uh sometimes you you want to be great but uh
• 16:50
  technology sometimes can come in between, either local technology or any kind of technology. We are very excited here today to have the management of the Initiates Group. It's not just the CEO today. We have the CFO, Rosemary Turner, and then we have
• 17:15
  and Executive Director, Chijoke Umbagu. They're all here. And, you know, like, we're always very excited when we have the Initiates Group coming to our space. As a matter of fact, we have voted them the most loved company by retail investors on the NGX. And it's always a pleasure to have them in our presence. And, you know...
• 17:44
  they seem to be the only company who seems to understand the importance of leveraging on communicating properly to their investors and shareholders on how to move their company forward and so we really really appreciate that the initiative has been in the news for quite some time now um i remember in our last space the ceo came and told us about
• 18:15
  the hybrid offer which included the right offer for existing shareholders and the public offer for new shareholders and prior to that time a lot of people said they didn't know anything about the initiate until we brought them to the space and i was happy the reception they got everybody just took to the company and the company has been delivering uh stellar performances uh both uh
• 18:46
  in and out of the country. And then they did that hybrid offer. And for some reasons, it took quite some time to conclude it. What we must realize is the initiate is a very young company. And, you know, they are doing great things down the growth sector of the NGX.
• 19:10
  we know it's just a matter of time before they before they move to the uh main sector of the of the exchange and you know after that uh offer uh there were a lot of a lot of issues that came uh during the offer uh and you know the company tried everything first and foremost they didn't want a situation where people would have their
• 19:40
  money's returned for their offers being rejected. So they did everything. First and foremost, they tried to see if they could convert the money, the excess money from the right issue to the public offer. But that was met with a rejection from SEC. And considering the fact that it took quite some time for them to collate this result.
• 20:08
  start allotting shares to shareholders they had to come up with something creative you know like in form of a private placement and the private placement you know despite shareholders certain shareholders wanting the price to be higher than what the public offer was the management insisted on keeping it at 950 and that was what was responsible for everybody getting their
• 20:38
  shares that they applied for in the public offer. Sometimes a lot of things are going in the background that shareholders do not know, but it's a good thing that the team has come on its own today and they are going to walk us through what it was for them to conduct that hybrid offer. They are going to tell us
• 21:08
  what plans they have for the next five to 10 years. They're going to tell us about their latest investment in Uganda. And, you know, a lot of people were asking, oh, every time Isole Ruben Osai we see, Isole Ruben Osai we see, Isole Ruben Osai we see. Well, because of that, he listened and he has brought the CFO, the chief financial officer of the company and the person of Mrs. Ross may return it.
• 21:37
  and also a new executive director, Echijo Grimbagu, and they are all going to come here and tell you why you should be excited investing in a company like The Initiates. For those who don't know, The Initiates is a waste management company, the only one that is listed on the Nigerian Stock Exchange.
• 22:05
  we are busy sharing with ourselves, we must realize that when it comes to waste management in Nigeria, we've probably not started. However, this company has been in existence for a very long time. Most of the people working here, they have over like two decades of experience working in waste management. And for people who are looking at growth for Nigeria, you should be asking yourself, where do you see waste management like?
• 22:34
  5, 10, 15, 20 years from now. Okay. So of all the waste management companies we have in the country, this is the most visible. And they're expanding internationally. And, you know, I'm not going to say everything here. I will want to defer to the CEO of the company to continue from where I started. And again, sorry for the delay in starting this space. We were running into glitches. Some from...
• 23:04
  twitter itself and you know some which maybe connectivity problem we have in the country but you know at the end of the day we are happy that the space has started and mr ruben welcome to the space mr ruben on mute your mic yes please yes go ahead my friend thank you very much let me apologize for the little delay we've had uh first of all uh like charles said i'm here with uh our executive
• 23:39
  director who is in charge of our commercial services and i have also the cfo and our visibility officer daniel so i decided to make this a team so that i can allay the fear of investors and people who are stakeholders that are interested in initiatives they never didn't know that it's not around this company is not around alone i initially i mean by aside the company is run by a group of
• 24:08
  a team i would say so i just brought the two prominent ones to let you know that so the running of the company is taken by a team of people i just be let me say opportune to be leading this team so once again i want to thank you for the trust you have exhibited in the offer and the initiates as a company
• 24:36
  We least expect that we are going to get this turnover from people. Hello, sir. Can you hear me? Yes, sir, we can hear you. Let me talk to them. Yes. Okay, let me talk with them now, please. So, it's good that I'm here with two people. I'm sure you can hear me now. Can all of you hear me? Yes, we can. We can hear you loud and clear, Ruben. Good, so...
• 25:07
  i'm thanking you for that trust just imposed on a post on us and i want to also tell you that um i'm sure you are not going to reject that i'll briefly touch on the hybrid offer which was the test of the trust that we have from the public yes we have gone to the market and we have delays just spoke about it but i think there will be need for me to talk a little more on it
• 25:35
  so that we can quite understand the situation. We had really oversubscription, so to say. Though we didn't want to bring it out to the public, we were able to manage it. And incidentally, it was not envisaged. We actually envisaged that we were going to get even some of right issue not taken. So we also expected people to take from right issue. Incidentally, everybody took up their right issues and then...
• 26:04
  Also, in the public offer, we had about 5,980 subscribers. And out of this 5,980, 4,222 have been accredited their shares in the CSE account. Incidentally, some people have problems. Even as I speak to you, some people still have problems. One of the problems is some people don't have...
• 26:34
  cs cs account for those people clc has created kind of a hosting account for them you know warehousing the shares which is called r i n ring so those shares are already there and about uh for the public offer i think we have about 429 in that room that is those people who don't have
• 27:03
  account at all in cs then some people have account but those accounts are not active it's actually a six months reactivation program that they run so those people are kept in waiting and for also some group of people have the code the broker's code not aligning with the
• 27:27
  code i mean the name of the broker so some of those people to about 100 i mean 1260 we have the registrars call that back and then try to edit to see if they can realign that so that there will be submission again on monday on that note so these are a couple of issues that
• 27:49
  May not be incidentally from the professionals, but probably the way we feel that from some people feel without the CS number, some people feel with CS number that is not active. Some people feel a broker's code that does not match with the broker's name. So this part of the problem that we saw from the report of our registrars. Again, in the other hand, the right issue, yes, we had people who
• 28:19
  uh subscribed or placed requests for right issue in case uh the owners are unable to take it up but i want to tell you now that because everybody took theirs this money was returned i want to appeal to those people to still give us chance i'm sure with time we'll be able to create room for more people to invest in the initiatives so in all if you have not gotten yours i will appeal that
• 28:47
  you'll be getting letters from Monday on these issues. If you need to open an account, if you need to give the correct broker, some also fill this form without specifying the brokers. So these are challenges that I'm sure I've directed that the registrar communicate with people in this direction because of the complaints we have gotten. So with this, I'll be able to tell you that this is a successful
• 29:17
  outing for us for all of us all our stakeholders and we're looking at spending the money incidentally this morning is coming a little late against our program we planned that by second quarter beginning of second quarter or end of first quarter this money would have hit our town incidentally we got that money just a few i think last week if i'm not mistaken
• 29:46
  that money came to us and our plan for this money like all of you know is to rebuild our facility in Port Harcourt, expand or complete the facility we are developing in the west and at the same time buy equipment. So these are the strategic expenses we want to run with this money.
• 30:13
  And I will tell you that we have started immediately, the money came to us, we have started that. Okay, along the line, we actually started the construction because of the rain. I had to use a bridging fund to start that construction so that I would be able to catch up with rain. So we're not going to be too bad. However, this morning, because of how it has come or the time it hit our account, we may not be able to...
• 30:41
  actually look forward to getting a immediate return from it you all know that we are not buying and selling but i promise you that um anyhow it is i promise we will still try to keep it and the people that have invested in us with my home at the end of this year whatever the case would be we should be able to put something together to enable our shareholders to appreciate that they've joined us uh i will stop here and probably call on the cfo
• 31:11
  to look into expectations we have for this year and going beyond. Thank you. Thank you very much. CFO, unmute your mic and go ahead. Okay, good evening all. Good evening. We can hear you loud and clear. Okay, thank you very much. Just like my husband, I also want to, on behalf of everyone at TIP,
• 31:47
  I also want to extend my sincere gratitude to all you investors for your unwavering support and belief in our vision, strategies, and future potentials. That was why you have invested your hard-earned money into initiatives. We appreciate it.
• 32:24
  We are not taking it for granted. And so we remain dedicated to creating long-term values, maintaining transparency, timely reporting to the mutual benefits of all our shareholders. For the MD, we have spoken on the funding.
• 33:01
  utilization. And so, yes, the money came to us, precisely on the 15th of May, 2026, meaning that we have just about seven months. Hello, Rosemary, you are breaking. You are breaking, Rosemary. Rosemary, can you hear me? Hello? Can anyone hear Rosemary?
• 34:03
  Not at all. Not at all. Rosemary, can you hear us? I think that line is gone. Rosemary, can you hear us? It's just that you are breaking. You are just breaking. Okay, I'm going to add her again. Let me see. Yes, it's much better now. Much better. Okay, so I was saying that your expectation...
• 35:07
  in investing your money in initiative, which are the execution of assets that will make us to expand our business, our working capital, and all these objectives that was presented during the offer will be met. Secondly, we promise that we'll work hard
• 35:50
  so that our share price will be stable. We can't hear you, Rosemary. The network is bad. We can't hear you. Okay, Rosemary, it's looking...
• 37:01
  Rosemary, it's looking like we are having connectivity issues. So maybe we will just defer to Ruben to keep intimating the house with utilization of the proceed, this year's expectation, and then the next decay strategy, and then the support for the tip new strategy while we wait for Rosemary to...
• 37:31
  get her connections. Okay. Yes, I can quickly comment. In utilization, I've actually talked about it. The only aspect that I didn't bring to the knowledge of shareholders and stakeholders here is that we also intend to buy equipment that third-party vendors have been giving to us. So we want to be able to manage our supply chain.
• 38:00
  data if we have this equipment, and this includes trucking and waste containment skips. Of course, I will tell you that by tomorrow, advance payment will be made for the skips purchase, and we are making an arrangement to also conclude discussion already with the people who are selling trucks, brand new trucks, preferably China trucks. That is what we're going to buy, four pieces of that. Okay, in terms of your expectation,
• 38:30
  You know, when we went to the floor of the Nigerian Stock Exchange, we did promise that 500, we expect a 500% increase in our dividend within five years, meaning that we expect that we'll be running our dividends at a growth rate of 100% each year. I want to tell you that from that to today, the last dividend we paid was, I think, 30 kubo.
• 38:58
  so we have moved from 10 and 10 cobalt to 30 cobalt that means we have already covered almost 30 percent of the uh of that group has been covered but i want to assure you that this group that you have seen who are going to keep it uh despite this phone coming midway i'm sure that we have greater house meaning more number of people to feed in the house now with the increase of our shares
• 39:27
  probably about 2.17 billion shareholders. We are sure that this growth, we are not going to relent on it. It will come steadily as we have promised. And we are sure that in a short time, far less than the five years we talked about, that 500 will be met. If not this year, we'll meet that 500. So that is the expectation. And we also expect that...
• 39:53
  We have restructured initiatives with this new arrangement. Our board will be restructured. New committees will be formed. And we'll see how our corporate governance can also improve. In addition to all this, we had a challenge when we came to the market. And that challenge was we were not coming to brief shareholders. Of course, this forum will continue to keep this from, like I promised you.
• 40:23
  we also have decided to create a visibility department especially to tie up with our expectation in the new strategy that we are looking at i'm sure the the indy will be able to talk about our new strategy so uh we're going to have a disability department that is already running uh daniel is from that department then i hear with us and the essence of it is that we want to see that the shareholders are
• 40:50
  uh kept abreast with development that is going on i'm sure you must have seen our post earlier this year in february the board visited uh delicious uganda of course the initials uganda we invested in the initials uganda and i allowed the company to use our brand name and our experience also to help them develop then from the visitation we had
• 41:19
  and the review of their documents and everything and the prospects in that country but decided that we should acquire a greater stake so that there will be subsidiary of emissions nigeria so as it is today we have already brought that out to the market and i'm sure people are aware that we are taking extra 20 percent to put emissions on 55 ownership of that company and as i speak to you that for me
• 41:48
  has been valued to be almost 18 i mean 15 million uh dollar worth of uh company that is what it is now this is based on what they are doing now they are the people in partnership with 300 companies in uganda running all the waste coming from total operation in uganda as i speak to you in the tilinga project uganda and that contract is running for five years that just done about two or three years now
• 42:17
  into it and they are doing very well and then in regard to further expectations from us locally here we are working hard to see that we improve our turnover from the eastern division that is Port Harcourt and many people have seen that recently all our revenue has been coming from the western zone that is Kwale that was as a result of
• 42:47
  First, our capacity here has gone down. But with the redevelopment we are doing and improved marketing, we are sure that protocol will come live again with reasonable turnover. So we expect that to impact on our bottom line and our top line too. So our revenue will really be up. Our projection this year is that we should be able to run around the figures of about
• 43:17
  15 billion as our revenue these are basic expectations within this year and i think the ed will be able to talk with regard to uh what we expect in the next 10 years and what plan do we have in this regard of course i wouldn't fail to tell you that we are running a joint i mean a strategy that has two arms we are running a strategy that is consolidating on what we are doing in the oil and gas and the second arm of that strategy
• 43:46
  is looking at diversification into public waste or municipal solid waste management. Of course, in the consolidation, the consolidation in oil and gas entails expansion, the continental expansion, redevelopment of Port Harcourt and completion of development in Kwale. This is to put us on a great footing in case we don't succeed in where we're going to, which is new to us. We will fall back, but we are very hopeful.
• 44:16
  that will succeed. So, Chijoki, I think you can come on and talk about the next strategy, which is the decay of repositioning. Thank you. Hello, Chijoki, can you come on now? Yeah, Chijoki is trying to connect. Why are we waiting for Chijoki? Rosemary, is your connection better now? I think so. So, maybe you should just... Yeah, we can hear you now. Why are we waiting for Chijoki? Can you elaborate on more on what you were saying before we lost you?
• 44:58
  Okay, I think the MD has almost said all the things I wanted to say concerning the dividend policy that is going to increase the revenue also that will improve with the additional money that has come in and the other investments that we are trying to make that all this will be done within the space of several months and following next year. So we are promising.
• 45:27
  that i'm hopeful that by the end of the year you will have you will all have positive um results from the investment made so far thank you thank you very much rosemary okay the mic is yours very much i hope you all can hear me um i guess i'll just start with this thing protocol hello can you hear me please loud and clear loud and clear all right um the strategy
• 46:01
  sorry i have a cough so i'll try my best to be as audible as possible the strategy for the new decade shall be focused on two pillars and that's consolidation and diversification into public waste now in terms of consolidation we're actually looking at three three different um we have three focus areas the first which is very very key to us is continental consolidation what is that so we're looking at pretty much
• 46:30
  an expansion into africa um as the ldmd has said we successfully we are successfully in process of acquiring uh additional 20 which will give us controlling shares of the initiates uganda and uh obviously what that does that gives us um a stronger control of the operations obviously direct assets into the south african market and um
• 46:57
  very, very importantly, gives us a solid platform to expand further. So over the next decade, we're looking at pretty much expanding to East Africa, West Africa, and the key focus will be on the new and emerging oil and gas hubs in Africa. I don't need to mention some of them, but then just to say one or two, we're looking at Namibia, the likes of Mozambique.
• 47:26
  definitely we're looking at putting um the same model that we have in nigeria and in uganda pretty much mirroring the same thing in one of these african countries one or two now the second aspect of it is consolidation within nigeria the dmd actually touched on that as well and that is um completing um development in our western base which is in kwale and also
• 47:53
  redeveloping the eastern base, which is Port Akos, where our head office is situated. And it's also very important to note that the key drive behind this redevelopment is to ensure that we are at par with industry demands. Obviously, Mr. President Tinubu had requested for
• 48:16
  aggressive drilling so we know that there's going to be a lot of opportunities to expand um to get a lot a lot more business coming our way and not just that there's also the focus on regulatory and demands obviously we have our regulators the fme the nuprc they'll be knocking our doors ensuring that we do the right thing so that's the second part of our consolidation of our consolidation um and process
• 48:42
  and the final part of that is actually consolidating on our ancillary services what are these these are pretty much additional services to what we are doing exactly currently so we are a waste management and tank cleaning company we're gonna we're gonna be including um solid control services to support our waste management services we're also going to
• 49:07
  introduce our wastewater treatment into Nigeria, pretty much mirroring what we do in Uganda. It has worked successfully in Uganda and we are hopeful and we know that we're going to succeed here in Nigeria as well. And finally, we are including inspection services to go hand in hand with our tank cleaning services. We always get those requests and we're actually looking to succeed in that arena as well.
• 49:35
  Now, the second part of our growth strategy over the next decade is also on diversification into public waste. And into public waste, obviously, we know very, very importantly, why are we going into public waste? I think first and foremost, the country is mature. Nigeria is way mature to actually go into this business opportunity. The population is continually growing. Urbanization is also increasing.
• 50:05
  leads to increased environmental regulations and obviously the hope that waste is managed properly. But unfortunately, if you look around the state, if you look around the country, waste is not properly handled. So this is where we come in.
• 50:23
  And why? What are the reasons? What are the other reasons? Obviously, when it comes to the state governments, they will find it very, very difficult and challenging to actually bring out the money to invest in these kind of projects. These kind of projects are really very, very expensive. And importantly, again, the initiates being in the market have that visibility, have that credibility in the environmental services market as well.
• 50:51
  obviously we have the proven expertise we have strong financial capacity to actually raise the needed funds and obviously the technical know-how to bring such a mammoth um investment into the country and into the states so what is what is going to be our approach how do we actually succeed in this so we're going to be looking at a public private partnership model whereby the initiates plc you partner with the state government
• 51:19
  the government provides land policy support and obviously the waste supply from from the states while we initiate we'll bring in the investment the technology and obviously detect them operational expertise in fact we've actually started doing a lot of things on the ground happening yeah yeah yeah it seems it seems he has dropped off um but while he comes back um okay he's back now
• 52:03
  Can you hear us? Charles, can you hear me? I can hear you, Onome. I'm trying to add Chijoki. Okay. Trying to add him again. Maybe a call came onto his phone. Anyways, that was some very... I was really enjoying that. Before... Yes, we can hear you, Chijoki. Go ahead. Okay, that's okay. Go ahead.
• 52:41
  So I was actually saying that the approach that we have to going into public waste is actually threefold. First of all, we're looking at a PPP model, a public-private partnership model, whereby the initiates will partner with the state government, and the state government will provide us land, policy support, and obviously the waste supply. While we, the initiates, will bring in the investment, the technology, and the technical know-how.
• 53:11
  Secondly, the waste-to-energy project. We're actually looking at waste-to-energy projects. Why are we doing that? Obviously, the waste that's going to be generated from the state will be converted to energy.
• 53:25
  will become better to energy, we can be sent back to the grid. What does that do? That actually solves two major problems which are being faced by the majority of the Nigerian states currently, and that's the waste problem and also the electricity problem. And finally, we are going to look at focusing on stable states. Our primary kickoff is to actually look at states like Akwa Ibom and Enugu.
• 53:54
  where we believe that successful partnerships are actually likely. In summary, what does this do? This creates a lot of revenue for the initiates. It also creates that independency. We're currently very active in the oil and gas industry. We don't just want to leave the oil and gas industry. We want to consolidate our position on that. We want to expand into other African nations. But furthermore, we want to go into public waste.
• 54:23
  what does that do as well that also gives us um puts us it helps us with our social capital and public good will obviously be doing a lot of good cleaning up the whole states the states that we get involved in and finally it keeps the initiates as a key player in nigeria's sustainable development i think um at this point i think i need to stop um i really want to thank you for the opportunity to
• 54:52
  to to have a quick word with you guys thank you very much okay before you go uh thank you very much that was we we we really enjoyed that okay but before you go could you just tell us a little bit about yourself because like we know ruben very well this first time uh the first time we are having this year what have you done what's your pedigree like yeah this uh partnership you are talking about like
• 55:19
  What are you putting in place to make sure you'll be able to broker these deals to the favor of initiates? Because after this whole introduction right now, we are going to be bombarding your team with a lot of questions that shareholders and investors have. So if you can just tell us a little bit about yourself, that would really help. Right. Thank you very much. Thank you very much, Charles.
• 55:50
  My name is Tijo Kembalu. I'm actually a waste management commercial expert. I've actually been in the waste management industry for over 12 years. I started off at Delta Environmental Logistics as far back as 2011. And I've been actually very busy with a lot of the IOCs. I actually handled quite a few accounts while I was there. Then I came into the initiates about...
• 56:19
  three to four years back had had spent about two years helped turn things around a little bit then i left i left briefly went to went into epc but i'm now back to the initiates full time in terms of what we we're actually doing to to to to get um to deliver on our on the next decade pretty much
• 56:46
  Okay, so we have quite a few things lined up. Obviously, I can't mention a lot of names, but I think by the next quarter, we're going to be very, very, very, very active. Very active in the sense that Pottercots will be even very, very busy. We have quite some contracts coming up. The West End block has been busy for quite a while. Obviously, our books show that.
• 57:15
  um we are also going to be getting additional contracts that way and in terms of brokering um certain deals with uh um fund financiers and fund managers and obviously people that we can partner with to deliver on the public waste we've actually started a lot of in-house activity in-house obviously it's an election year next year so it's not something we're going to go aggressive we need to be sure
• 57:44
  We need to be 100% sure of who the governments and the leaders of the states are going to be before we make that final decision. But then rest assured that we have started on the ground. We are working very, very hard to ensure that we deliver on our target, really. The target is to ensure we achieve 15 billion this year. Obviously, that's going to increase on a yearly basis.
• 58:11
  The team is all working hard, working together to ensure we deliver that. Thank you very much. Thank you very much, Mr. Chijoki. We are very happy to have you in our midst. We are a very welcoming community. For any company who wants to go into the Nigerian Stock Exchange right now and you don't visit this community,
• 58:40
  I just don't know what to say because I think you'll be missing out on a lot of key points. We have all kinds of investors here, high net worth, low net worth, medium, all kinds of investors with all kinds of experience. Some of them have actually worked in these companies before, so they know what the problems are with the NGX. So when you come here, we give you an overall picture of...
• 59:09
  what shareholders' expectations are. And working with a community like this, it makes it easier for us. And the fact that you have continuously availed yourself to the community, I'm sure we have seen the benefits. And I'm sure the company too is seeing the benefits. So, I mean, like looking at the...
• 59:38
  participation in your public offer it will tell you i mean like how many shareholders did you have prior to the public offer and how many shareholders did you have after the public offer so it just it's just uh an organic community that is growing uh we are like i said we want things to be done properly if anything is going wrong we'll be the first to tell you we are not happy with this we are not happy with that we are not happy with this and
• 1:00:08
  The thing that has particularly endeared the initiates to this community is anytime we put up a complaint, there is always a response from Ruben Osai. So we give that to him. We just don't say he's the most loved company by retail community in Nigeria. No, he's earned it because if there's any issue right now and we tweet it, we...
• 1:00:37
  communicate with him, he's ready to come and tell us what is happening. He came the first time, he came before the offer, he promised he will come after the offer, and he has kept all his promises. And these are the things shareholders appreciate. You know, there are companies we try to talk to them, and they shy away. And like, you just keep wondering, why are you shying away? What are you hiding? If you know what you are doing, people will tell me, like, I want...
• 1:01:06
  I want a CEO like Ruben Osai, just give him my money because I trust him for what he does. Because if there's an issue, he comes and he tells everybody how it is, right? I mean, there have been a lot of grumblings concerning the public offer, but he has come here and has broken down things and has explained to people why some shares have not been credited and all that.
• 1:01:33
  And there are some minor issues that we'll be dealt with. And I'm hoping that by the end of this week, everybody's shares would have been credited. So we appreciate you for coming here. We thank you. And I'm sure by the time you finish this space, you will understand what this space means to investing, both to the investors and the companies on the NGX. So we appreciate you and we thank you a lot.
• 1:02:03
  Mr. Ruben Osai, I sent you a couple of questions prior to this space. However, if you are not privy to them, I can go through them again one by one and then provide those answers before I throw the floor open to other people to ask questions. Yes, I want you to throw it again at me and my team and the ones I can take.
• 1:02:34
  i will take the world sir i hope their connections will be up they can't but before you do that i want to you know i talked about uh only the public offer when i was talking the when i was yes i also want to say that um we had a total of 859 uh right issue successful ones are 778.
• 1:03:01
  these people have not been credited the accounts have been credited we have the balance of about 11 or so that has the inactive account like i said so those ones will be represented on monday with the adjustment and if it doesn't go through they'll be written again the issue of this offer i've also heard i've gotten a company that
• 1:03:32
  Some people got more than what they subscribed. I'm not going to say that it's hard for me to believe because the CS platform is also imputed by human being. Collation is also done by human being before it goes into computer. So I want anybody that has complained in this regard to get to us.
• 1:04:00
  then the people who got less than what they subscribe for in public offer precisely, it means you are among the people, and that is institutional, you are among the people that we have placed that is going to come through the public offer. We have gotten that approval for public offer through the AGM we had. Private placement, you mean? Yes. Sorry, private placement. Yes.
• 1:04:29
  we have gotten the approval we have followed all the required uh i mean followed all the required uh issues that this uh said told us to go through and we have formalized all that so we have gone to register the u.s fascist in uh corporate affairs commission so with all this done we are filing application for that uh private uh placement placement so if those ones
• 1:04:58
  where I also agreed, like Chas said, that we will not change the price, no matter what the price in the market is, because these people have deposited their money. So instead of returning it, we're going to take the E. This I am sure that before the end of June, this also will be sorted out. So those are the only people, and it's only affected institutional. So if you subscribe as an individual, and by end of next week, rather.
• 1:05:26
  you have not gotten these things played. Please, you need to reach us. If money has not been returned to you, because some people also, you know, there is modules that the subscription was supposed to be. I think a minimum of 1,000 each. Some people will now subscribe for 1,500. So the 1,500, they will give you 1,000 and they will return the 500 because it's part of the reading created already by the...
• 1:05:55
  issuing house so i mean by the professional parties so this we have this kind of problem so if you have subscribed like this that is not in accordance with the set rules for this offer which said minimum is one thousand you go and do four four hundred it means you'll be disqualified like i mentioned some were disqualified and those ones their money should have returned to them by now
• 1:06:25
  So yes, I can take the questions now with my team. And I think that is the situation. I'm sure that we'll be able to deal with the issue, but let us get the questions asked. Thank you. So bottom line, from what we can get is for anybody whose money has not been returned, just exercise a little bit of patience. Your shares will be credited after every requirement has been met. Am I correct?
• 1:06:57
  It's required, they will write to you, but if you are in the category that you have not seen your money, your shares have not been credited to your CF account, one, check if you nominated a stockbroker. Two, if you have also realigned the name of the stockbroker with the code, they have a code. Then if that is right, you can also check if you have
• 1:07:27
  active account that of course the active account is easy these people are trying to put that together then if you also your subscription was right in terms of the guidelines given with regard to 1000 so if all these ones are true i'm sure you'll get it if you don't have cs account you need to send documents to open cs account and this document from the registrar says or i can actually send that
• 1:07:56
  email so that you can write to get more information with regard to opening cs account they need your utility bill they need to give is it giving our name all these are requirements for you for the registrar to open a cs account because a reasonable number of people don't have cs account and they can't open that without these documentations so at the end of this session
• 1:08:23
  i'm sure charles should be able to i'm going to forward it to your your whatsapp so that i can write straight to the registrar on this matter and then these things will be taken right away thank you thank you very much so uh as per the questions uh a couple of them have been answered but for the benefit of those who were not here when the space started uh there's a question which is lagos states
• 1:08:54
  is reported to have signed a long-term agreement with zoom lion for its waste management program zoom lion is a waste management company out of ghana lagos is one of the biggest states with waste issue we are wondering why tip was not the preferred partner for that contract okay can i take that right away go ahead sir good
• 1:09:26
  Yeah, Zoom Lion is, I think, the Finnish company that has established in Ghana. Yes, Lagos is generating about 13,000 tons per day. What they have given out as it were is about 2,000 tons that have been agreed for them. We're actually talking with Lagos. I'm supposed to have a meeting by next week with the Commissioner of Environment.
• 1:09:56
  So we are talking with them. There's still room for anybody to come in if you have the investment capacity. So we are still talking with Lagos. So Lagos is not out of our radar. But they are quick to announcing that they are giving waste management. It's not entirely the whole Lagos. It's just a portion of Lagos to generate about 2,000 tons for Zoom Lion. Thank you. Thank you very much.
• 1:10:27
  Also, we noticed that most revenues is from TDU Kwale. What is TIP doing to diversify its source of revenue? We have seen what you have done with Uganda. Any other area where we expect to see more revenue growth? Again, I know you've answered these questions, but again, for the purpose of... Yes, yes. When the ED was talking, he talked about we're trying to redevelop the eastern...
• 1:10:57
  uh office that is the total code to enable us to begin again to run very well in that area so revenue is going to come from that area massively so we're going to expect revenues from potakot that is our eastern office uh you know the new office we established was like taking the food to the mount we have very many uh um marginal field operators in quality
• 1:11:27
  i think about seven or so of them they're increasing in number we think that as it's including there that we really worry the imaginary operator so what we did was strategic for us to go there to set up that position but issue about that is special we have a structure that can support that now we are doing a redevelopment that will enable business to flow a bit important besides that we have like
• 1:11:56
  we have also moved into solid control and that equipment when it comes is part of this strategy that we're talking about once we're able to conclude that investment we should be able to get revenue also coming from solid control and we're also going to do kind of bringing services related to what we are doing now into our system like cleaning inspection and the rest of them so these are things that we're going to that we use to beef up
• 1:12:26
  our revenue from this end thank you thank you very much mr osai and then there has been a lot of noise about dangote building an oil refinery in east africa considering the fact they already have presence in east africa what efforts are you making to make sure that you are the preferred choice when it comes to waste management projects for dangote refinery when it happens
• 1:12:52
  uh have you made any breakthrough with any state government in terms of public waste management so those are like two questions okay yes for dango you know that dango is here we've been able to work for dango once and we are still hoping to work for them as we progress uh in east africa i think dango is uh west tanzania also is trying to set up that
• 1:13:22
  There is already a plan to bring in a refinery. I think the people who are doing that are in Dubai, in Uganda. If I speak to you, one of our directors, a desertry director in Uganda, virtually met with that company already. So if Bangute begins to reposition itself, we will reposition ourselves rightly to catch up with what is going to happen.
• 1:13:52
  in tanzania and that is why we say our investment in uganda is a gateway to east africa so we will definitely work to see that we'll be part of that game incidentally here the story has not been too smooth for us but we're working gradually to see that we creep into the the vendor list i mean major vendors of dango here so the question would have been why are we not here family here
• 1:14:21
  because if you send me here because much more easier for us to get ourselves there we're working hard to see that we've done about two or three presentations to then go to here and we are hopeful that we will be able to get closer relationship and enable us be a major vendor to them thank you thank you very much uh as you all know we are all we are all shareholders we are all shareholders in this company so if anybody here who can who can
• 1:14:51
  who can help, you know, I mean, like, if you know any way to help the company, I mean, I'm sure Ruben is very open to that. He told us the last time he came to this space about anybody, if you know anybody that can, you know, at least bring about that kind of connection. So at the end of the day, we all want to make more money for ourselves. And, you know, if you have, if you know anybody who can make that
• 1:15:20
  uh sail through i know there are some big shots who come here on these spaces and uh yeah we'll be we'll be happy to to do that um before you go beyond where just a moment yes before you go a little away from this question and what we have actually requested from me the issue is simple
• 1:15:49
  The building up of our shareholding portfolio, like now we are close to 5,000, I mean about 16,000 if I'm not mistaken, to be able to also have the social capital within this whole framework. So we are ready to work with any of our shareholders who will eventually, as you call them, a major stakeholder in this business.
• 1:16:18
  it is actually our last agenda that we have placed for you that we need support just towards our new strategy because our new strategy demands a lot and what it demands is mostly the social capital the link the network of people and we are ready to work with i want to also say here that one or two of this member member of this forum have actually talked with me
• 1:16:47
  and we are progressing gradually on the links he has established so we are open to further discussion with anybody and i'm sure that besides you improving our system there will be some returns only personal returns on such arrangement let me make it clear that business development is actually a job so anybody who assists or who works with us in this direction will get his own return for it
• 1:17:16
  besides shares i mean besides dividends thank you thank you very much thank you for making that explicitly clear so as discussed the last time you were on this space what is management's plan to reduce uh the receivables trade receivables uh was 60 percent of the total assets uh looking at page 24 of the first quarter
• 1:17:46
  And then allowance for credit loss was $183 million and increased in 2025 to $470 million. Customers receivable increased from $3 billion to $6 billion in Q1. Is working capital not affected and is insurance received from customers?
• 1:18:17
  Which insurance companies insures the initiates? So bottom line, what are you doing to reduce the receivables? I think the CFO should take that. Okay. Am I being audible? Yes, we can hear you loud and clear, Rosemary. Okay. All right. The waste management business is a peculiar one in that once we have done the services,
• 1:18:51
  It takes us quite some time. We go back and forth trying to reconcile the waste we have evacuated with the clients. And that is what gave rise to this huge receivable. But however, I'm going to tell the house that every month, every invoices that are due are being paid. And so it's like a recycling.
• 1:19:21
  We received the payment for last two months and then we are still working within the two months and it goes on and on. So even the receivables that we had as at the end of 2025, most parts of it has been paid off. If it's remaining, it's very insignificant. So this addition to the Q1 report was like the ones we have worked between January and February.
• 1:19:49
  That is what gave rise to, and by now too, within April to now, most of it has been received also. So as for the increase in the 2024 and 2025 credit laws, the credit laws was part of the statutory reports that needed to be done. And so we use our policy percentage to compute that based on
• 1:20:19
  the receivable outside but once we receive parts of those money we write it off as income received so it's not actually lost to us as it were but because of um financial reporting council standard that we should calculate some percentage of the credits as provisions of uh for that so that and maybe it will not come back so but it's it has been coming back so all our clients have been paying
• 1:20:49
  when the invoices are due and the invoice dates is our um account receivable period is about 45 to 60 days so you can understand why the report is showing as if we decide it's not every day we make sales or um an everyday sale uh business but it takes invoices stays like 45 to 60 days before they are being paid so that's why it is increased and then
• 1:21:19
  In addition to the waste, the receivable too, as our company policy is, assets that we have paid for that has not been received, maybe they are on transit to us because we are exposed to shows. So those assets too, we have recovered some of them. Few that are still in transit will...
• 1:21:51
  are now being added back. But for the ones that we have received, we'll reduce it from this huge trade receivable we are seeing. So with that respect, we don't have an insurance company that insures the trade receivable as per se. The insurance company that we're working with only insures our assets, our group life, and all that. Thank you.
• 1:22:24
  thank you very much rosemary thank you that was uh that was uh explanatory enough so so um for all those questions concerning receivables uh management is reassuring us that uh efforts have been made and these receivables have been reduced drastically so we might see that reflect in the next
• 1:22:55
  quarterly report. And, you know, I know a couple of people too have complained about sometimes the... Yes, definitely. Yeah, they've complained about the reports not being clear and stuff like that. And, you know, I've gone with the management extensively and I seem to get the assurance that...
• 1:23:23
  that will be a matter of the past. The initiative is positioning itself right now. It's becoming very visible. It's positioning itself as an African giant, so to speak. And optics like that, they matter a lot. So I think we have gone past those days where annual reports or quarterly reports will not be clear. And giving the assurance...
• 1:23:53
  and we have been giving that you know corporate governance will be top-notch and you do everything to maintain corporate governance we want to help you achieve that if you see any kind of criticism coming from this community it's not for the fun of it it's just for for for the company to be better because for us we think it's a golden opportunity
• 1:24:22
  to be investing in a company like this, this early. We are looking at the money you raised during the raise, less than 30 billion naira, you know. And we are just saying, I'm sure in another two to three years, you know, you'll probably come to the market again because you'll be expanding rapidly. Like I said, there might be other...
• 1:24:51
  waste management companies in the country but you are the most visible right now by virtue of the fact that one you are floated on the stock market and two you are having a lot of shareholders 16 000 shareholders is not a joke so um and you can get all manners of shareholders both from within the country and uh outside the country and for some of us who are abroad
• 1:25:19
  You know, we know what waste management is. And this is what I keep telling people. And I'm happy the management team has come here to explain to people, telling them about a five-year, ten-year plan. This community is erudite, very, very sophisticated enough. They are not die-hard, dividend-seeking community. No. They are aware.
• 1:25:47
  We give a lot of education to our investors because sometimes don't just pay dividends for the fun of it. If you need that money to execute a project, which at the end of the day, we give larger returns to the investors or shareholders, we'd rather you do that. Every time, we hold this space every Sunday.
• 1:26:17
  And the goal here is to make people financially independent. And if we see a company that is doing very well, we let them into it. We look at the financials. We see how they are doing. We see the response of management and all that stuff. So sometimes people invest in the people that run the company, not the company itself. Because if you have credit people running the company,
• 1:26:47
  The people who have trust in those credible people to take their money and utilize it properly. And that's why, like I said, anytime the initiate comes here, we're always very, very happy. I'm looking at the website. I'm always seeing Namibia, Namibia, Namibia. Can the CEO tell us a little bit about what is going on in Namibia? Yes.
• 1:27:18
  You just want to pull my leg, but I will talk a little about this because it's not a concluded issue. We actually want to talk about, we don't want to talk more on expectations or guesswork. Yes, we have made one or two moves to Namibia and we're anticipating that before this year runs out, we'll have initiatives in Namibia. Thank you.
• 1:27:46
  Thank you very much. So I'm going to throw the floor open now and I will ask people to respectfully come up and, you know, ask questions, okay? Take note of the fact that, you know, these are people who respect us a lot and we reciprocate that respect.
• 1:28:13
  So I'll be calling on people to ask their questions. And, you know, for questions that have been asked before, especially concerning share allocation as per the public offer and the right offer, just be very specific if your question is regarding that line. And I would start with Funchal.
• 1:28:41
  and after for sure i will go to talk back okay so for sure go ahead and ask your question uh thank you very much charles and i also want to say you thank you to um the members of the team the initiates that are on this call uh and i've taken time out right today to to um talk to us and just give us a bit of an update around uh the company's progress so i really want to say each thank you uh for you guys joining this call
• 1:29:10
  So I have two or three questions. My first question is around a topic that the CFO touched a bit earlier, around trade receivables. But I just want to just talk a bit more about that, just taking it a bit further, and just looking at how does this trade receivables affect operational liquidity to be able to take on more projects or more contracts and expand your revenue margins?
• 1:29:39
  What I see, right, I see a huge amount of account receivables, right, within the day range you talked about, right, for five to 60 days. And my concern is, how much of an impact, right, does that have on your operational liquidity? And what are you guys doing, right, to make sure that, you know, while you take on more contracts that are going to also increase account receivables, we do have operational liquidity crunch in the process? That's my first question. My second question is around the future of the company, right?
• 1:30:09
  See, the initiative is in a good phase. Let's put it that way. But as a shareholder, when I'm looking at returns on investment, another aspect I look at is dilution. As a shareholder, I do not necessarily want to be over-diluted. I understand that there are times when going to the market and raising capital creates an avenue for the company to grow and also increase our returns for shareholder. But I also like to be very careful around...
• 1:30:38
  conversations around dilution right um i just want to know what what was complete thinking about right in that direction to protect shoulder in terms of about dilution and the capital strategies in the future so those are my two questions please thank you very much okay let me take the last question and the cfo will take the first one again or if possible i can run the two and as you cannot make an addition for dilution i want to assure you that we are very very careful
• 1:31:08
  about that that was why when the boards and the shareholders during the ATM announced or resolved to go to the market they made it clear that we're not taking extra we're just going for just 1 billion shares so it took us time to convince the board to see reason why we need to accommodate everybody for this time and if i tell you the extra accommodation we're taking
• 1:31:37
  is less than 1%. It's 0.04%. So it's not likely to affect. Then the issue of our strategy to raise money is that the job we are going into or the new decay of repositioning initiatives we are going to is not oil and gas. And so it's huge capital. We are talking about millions of dollars. In this regard, we cannot raise that money from the market. Otherwise, all the shareholders will lose.
• 1:32:08
  their value precisely in terms of strength in the company but our strategy is to see that we have a partner we are talking with about three now one in uk one from the us and another one from canada we are talking with these people to see that they partner with us they're coming as investors and there is going to be a long-term investment because the construction we are going into for the waste management we are giving ourselves any state that doesn't take
• 1:32:37
  up to 30 years concession will not go into that arrangement. So if they give us 30 years, we will give the investors that are coming in with their fund 50 years for them to recoup their money and they will begin to rot. So we are not expecting coming to the market soon. The likelihood, if the phone will come to the market, may be bonus for existing shareholders, but that is also not too likely.
• 1:33:07
  foreseeable time now with regard to receivable and their impact on our cash flow like the rosemary has talked about this issue yeah it takes time what prolongs it is that you can finish job today all documentation uh regulatory or statutory requirements of inspecting to see that you have actually treated with race certificate
• 1:33:36
  get back to the regulators and prove all that that has been done before you finish that another one month or so would have gone before you now have the authentic document that you're going to use to invoice when we invoice we'll spend about 45 days that's what she mentioned so the actual span of for us to conclude their job and receiving money will be running about two to three months that is one now how does it impact on us the issue is that we are not sitting
• 1:34:05
  that at one point the ones if we have to start the year once we have to start the year it means we can progressively be receiving and exchanging the figures as they come so it has a very minimal impact on our cash flow operational cash flow that's one on the other hand our strategy the company is that the beginning of every year we have our budget all the material required for
• 1:34:37
  maintenance, operational materials required, all the spare parts we require, we place order immediately as we resume. That means what the cash that we carry from the year, we use it to set that system. So as it is today, we can continue to operate even when payment don't come because of that planning. What we'll be contending with will just be normal salary and all that.
• 1:35:04
  So we have a good plan for that. And I don't think we have experienced cash crunch or impacted seriously on our operational cash flow. But Rosemary, if you have one or two things, you can also advance for him to be more comfortable. Thank you. Okay, sir. Okay, sir. Thank you very much. So what he has said is the truth.
• 1:35:30
  And in addition to that, if you look at the Q1, for instance, when we have excess cash, we put it in short-term investments like mutual money markets. So once we need cash and there is no cash available, we remove cash from that account. So if you look at the accounts per se, we have over 1.2 billion as cash and cash equivalents.
• 1:35:57
  So among that 1.2 billion, 1 billion was stashed away in the investment, yielding interest, short-term interest every day, as well as safely kept for emergency. And number two, we have two groups of works, that's business lines, for instance. So if invoices are held up in waste management, for instance, we are receiving payments from industrial cleaning.
• 1:36:27
  So we are, like you said, we don't have that crunch of liquidity that will affect us not to do any new contracts as per said. And then in addition to the stocking of all that we require, at least for six months in our stores, so that things can be going on, operation can be going on, even if we have receivable issues. Thank you.
• 1:36:59
  very quickly i also wanted to add that um we also um add an additional service line so um like we said earlier the solid control um the inspection aspect of the cleaning and the wastewater treatment services so um you're going to see that we have about close to six close to six service lines from where we can get generate revenues
• 1:37:23
  and really and truly it's something that we actually keep on check and we have under control as much as possible i just wanted to add that thank you thank you very much for the response thank you thank you very much let somebody else okay okay okay no problem yeah thank you uh thank you very much uh as you can see uh i think for anybody who is an investor or a shareholder in this company uh there are a lot of things
• 1:37:50
  you don't see on the books and i always say this okay but uh going forward is something we want to make visible for everything that is happening with the initiates uh we want to like put it out there like i keep saying this i say this all the time michael faraday may have discovered electricity but it's the man who made the electric meter that made all the money so this is no time yeah
• 1:38:16
  The initiative is doing stuff and we don't know. We want this company to be properly valued. And I actually did a video which we dropped on the Jobotron. If you have not looked at it, try and go and look at that video. It's on the Jobotron. Tokbe, if you are there, can you quickly go ask your question and then we go to the next person. Good evening, everyone. Ciao.
• 1:38:46
  And the team at GreenTurk is good evening everyone, Crypto, Nasara. And good evening to the team of TIP. I will be honest, you guys are doing a very great job in the way you've been communicating about your company to the public. It is very important to know that in this information age,
• 1:39:13
  you know what we do most of the time even in the cause of our business is actually communication you know and you guys have been able to do justice to that um quickly i have two questions um one is still about the recent um offer you know that was concluded um i personally i haven't even received my
• 1:39:39
  And I got a call from my stockbroker that in their own trading machine, that the tip appears that nobody has gotten for the particular house. But that tip appeared in the list of stocks pending, but that the volume isn't showing yet. I think I've listened to a lot of what has been said.
• 1:40:07
  But if you have anything to say to that, someone can take it up. And then my second question is this. And half of the question is like commending you guys once again. I mean, your numbers, your growth trajectory has really been commendable in terms of your numbers recently. And then your expansion drive, your ambition is also commendable.
• 1:40:35
  Charles and I think Funchal actually mentioned something very important. We all know how important capital is during expansion. Beyond the partnership that you highlighted already, which other ways are you looking at funding your expansion beyond the partnership? Those are my two questions. To sustain long-term value for shareholders eventually. Okay.
• 1:41:08
  uh your number one question i think i still want to visit it if it's pending it may be you can talk talk to your your broker if it's pending probably your your money i mean your shares is in rim r i n that means you have one or two uh disagreement in terms of uh details in terms of account in terms of um codes
• 1:41:38
  or you are you didn't fill your form well or somehow so i i've actually put to chas so that chas can put it on this platform it's a question of you just sending a mail with your name to the register just please it's on your whatsapp if you can drop it oh so sorry sorry to cut in it's actually not peculiar to me alone so my understanding yes with the stock broker is that okay
• 1:42:05
  No single person from that house actually has been allotted. So I think there is a problem. It should be a problem for the house because some people will fill the house and put a different code number. They have a member code. If you ask your brokers or that house, ask them about member code. They'll have a code. Each of them have code. So if your code, or either you didn't put the code,
• 1:42:34
  or the code you put did not correspond with their name. If you're not going to the account, it will be showing you that pending too. That possibility is there. But those people, they are internally trying to resolve those simple, simple things now. And by Monday, a lot of people will get, these people that had this problem, about a thousand. If you put the one in right issue and public issue, about a thousand something, or two thousand rather.
• 1:43:02
  because there are about 1500 or there about so by monday if you don't get it please or even if you if even if you finish this you can do it to drop in the registrar's edition with your complaint and then off they will take it up it will be quicker for you i don't know if that is enough no it's enough you can please go on to the next question the next question you are talking about is
• 1:43:33
  a strategy of bringing people to partner with us if i'm right is that correct no i'm like you actually highlighted that already you know and um you're you're saying in addition to that beyond them the partnership you mentioned you know um the issue is the money we are sought for
• 1:44:03
  now from the market is actually for consolidation and with the level of consolidation we are doing and opening more offices here and there like what we did in Uganda it is not from this money we also will be generating more money to continue in the continental expansion so the money we have now at our hand in our hands will be able to keep us steady for a reasonable time
• 1:44:33
  especially in the industry, I mean, in the area where we are working now. So what we have done in this consolidation project is we see that we create a stronger foundation to enable these groups to continue. For example, we are buying two TDUs from this money. If we buy two TDUs, currently we have only two running. We are buying two extra from this money. So before that expansion, we get...
• 1:45:02
  Or the workload we overwhelmed, the one we are buying now, we should be able to replace it or buy another one. Not demanding for money. So the money we are going to look for is for the new decade. That is the repositioning decade. And this idea is that, yes, today we are talking about project, project, project. This person is invoicing, the other person is not invoicing. We are looking at the point where our revenue will be predictable. That is the repositioning we are talking about.
• 1:45:32
  And we have seen that the closest area we can get this done is in public waste. And it's going to be PPP, as we have mentioned. And that PPP, we cannot fund it ourselves. We can bring partners that are going to fund it and work with us for a minimum of 15 years. So if we succeed in going into one state, what we are going to see in any case will be tsunami. The change is not going to be this time.
• 1:46:02
  It's going to be a geometric group that you're going to see. But if it takes us more time, like more than what we anticipate, we anticipate that the next 10 years, we are going to be vigorously working on how to move into public waste. And we expect that we should hit our first result within the first five years. So between now and the next five years, we will be pounding or working on.
• 1:46:32
  the establishment and development we are going to make within this year on oil and gas. And we are sure that we are going to sustain this. Why are we going to other places? Why are we not concentrating only on Nigerian consolidation? We are doing that. We are also seeing that Nigerian oil industry is aging. If not that the government has come with this policy of 2 million barrels per day, this drilling wouldn't have been this aggressive. We are going to new countries where they have started drilling.
• 1:47:02
  for example uganda they are just starting drilling i think that i covered about 200 about 400 wells already that has not even started flowing so the countries that are doing new drilling that is where our job will come so that is why we are moving gradually into those areas to put our legs down to ensure that our growth or the steady uh movement in figures remains within these five years and if we succeed
• 1:47:33
  in getting the uh our repositioning project within the five years and it means we're not even you will not be talking about issues the way we are today you'll be seen as in the inches from a different perspective so i don't know if that uh has kept to uh put your mind to rest with regard to how we want to go about it thank you thank you very much thank you very much very well
• 1:48:02
  very well answer jimmy could you go through your questions and very brief okay straight to the point okay um good day to everyone from wherever you're speaking many thanks to the green ticket team as well as the tip management for this piece so very briefly my first question and my only question really is about taxes and i would love dr rosemary to address these questions so looking at the q1 on the death financial statement the pnl tax chart was 579 million
• 1:48:32
  Looking at the prior years on paid taxes, they were 1.683 billion. And looking at the total tax liability on the balance sheet, that's adding both the company's current tax payables as well as other tax liabilities, it brings the total tax exposure to around roughly 2.9 billion. Now, as Dr. Rosemary rightly pointed out earlier in this piece, she said the cash-to-cash equivalents were 1.24 billion. So herein lies the question. I want to understand...
• 1:48:58
  if the discrepancy in the fact that, firstly, the P&L is reading around $579 million, while the total, sorry, the current tax expenses is around $2.2 billion. So I want to understand if the discrepancy is purely a timing or classification issue, or if there's, say, any additional elements of the prior year's tax exposure that is currently being recognized either differently across the financial statements. And another question regarding
• 1:49:47
  Is Rosemary here? I don't see Rosemary. Okay. I may not be able to have a very...
• 1:50:08
  strong technical answer to this but i know that the tax liability in quarter one must have reflected part of what we had carried forward from last year which was resolved i think about a month or two ago i think that may be the best answer i can give
• 1:50:38
  yes please we are waiting for you oh no rosemary hello can you hear me rosemary okay uh we can hear each other i think it's uh okay she's back i think she's black rosemary can you hear us so that she can hear us jimmy uh please can you send can you send me that yeah can you hear us now okay yes yes she's back
• 1:51:20
  She's muted now. Rosemary, unmute your mic. Unmute your mic and go ahead. Rosemary, unmute your mic and go ahead. Rosemary, unmute your mic. Unmute your mic and go ahead. Okay. Okay. Jimmy, so you will just need to send me that question and I will send it to Rosemary to break it down and I will put it up in a tweet.
• 1:52:15
  to explain the tax issue. Mr. Ruben, I wanted to ask, considering the fact that you are a very new company, did the government not give you any kind of tax holiday? No, we are not new. We have had that level. It was actually completed.
• 1:52:43
  in 1995 okay uh we've been dancing around with our own phone like being a seed of who will work with us so that's true we have grown out that way thank you okay okay so i will i will i will get that question and i will send it directly to rosemary to break it down and uh i think she wanted to actually answer the question but i think she's having connection issues with her phone
• 1:53:12
  um yes moody please make it there there is there is a quick uh comment here i said instead of calling the names you should be addressing us with the title so that they will know exactly who is talking thank you guys for the uh thank you okay rosemary is actually the uh cfo so
• 1:53:38
  That's why we direct all those financially related matters to her. Mudiaga, could you go ahead and ask your question as quickly as you can, please? Thank you, Shaz. Thank you, the Green Ticker team. Thank you, the management of the Initiate BFC. First of all, before I ask my question, I want to commend you guys for being very attentive to the retail investors.
• 1:54:09
  uh this is one of the kind of company that is listed on the ngs that gives attention to we the retail investors so thank you for the job well done and i hope it's going to continue so my question is i'm more i'm really i think with tip's growth and i want to ask a question what are the probably the challenges
• 1:54:39
  that CIP is facing right now that is in terms of expanding into the domestic space because I so believe that if there are companies managing waste in Nigeria that's a good way of generating revenue because humans will always produce waste. So is it legislative?
• 1:55:09
  issues that is possibly delay or is it uh in terms of capital on the on the part of tip what are the challenges that we have is currently experiencing that is limiting them to expand domestic space thank you thank you thank you very much uh that is the direction we want to go we have just made that we don't make that decision in this new strategy for the next 10 years
• 1:55:37
  But what has been limiting us is, first of all, most of the states or all the states have been running free service policy. That means if you decide to go and carry the waste, nobody will pay you because government is already doing it free for people. In places where they are not doing it, they are taking a subsidized arrangement. Legal deeds subsidy till 2020.
• 1:56:05
  time, precisely. They were subsidizing. Now, that is one. Again, government has also not taken waste disposal seriously. And because they have not done so, you can take waste and dump anywhere and move away. As long as the place there is no human being, you are allowed to dump waste. Illegally dump waste without government challenging you. So, you know, if waste is actually...
• 1:56:36
  Waste management business is established by law. If there is no check on where you are dumping this waste, anybody who is carrying it will not be paid as commensurate to the work it's doing. So when we are seeing this, change is coming and people are demanding for better environment. This is why we are going into it. Now, our limitation today is if we are going into this business because of the huge capital outlay.
• 1:57:05
  you require a long-term government i mean a long-term contract or concession when long-term concessions are required in nigerian government they are not steady one government one party will be here to the next year they will turn or they will be midway and they increased or whatever thing will happen to them of course we have seen the experience in lagos where there is a change in governor and they will turn upside down through amber this period so
• 1:57:35
  We are looking at how can we manage this risk? And we have studied some states. And that is why if we want to talk, we talk about Enugu, we talk about Akwaebo. Why have we picked these states? We have reviewed states that have policy stability and political stability also. And Akwaebo ranks high, very, very high, more than any of the states. So that is why you say Akwaebo.
• 1:58:04
  what is limiting us now is the political situation like if you heard when our ed was speaking he said we are looking at the election to come and go before we can intensively begin to work even on their private that we know that they have a steady policy so our limitation is how can we get government to listen to us and how can the government policies be
• 1:58:33
  uh be regular or stable because if it's not stable you sign concession agreement today tomorrow the new government turns it out the whole people that is coming to invest will not even be ready to invest but that is the first question they will ask you how steady is this government how can you prove that this government is steady so outside that the social capital how do you get to know or move around the government circle to get this contract because this contract cannot be signed by anybody
• 1:59:01
  cannot be negotiated by anybody it must be from the government the highest office in government because once construction is entered into it will be part of the law of the state and so it will go to the house of assembly to also legislate on this so you must have some good political capital social capital on the political side to be able to break this thing down and that is the support we are trying that anybody who has a strong political capital anyway
• 1:59:31
  of course in this direction and we can make it uh later than any any of this uh job we are doing now i think that is the explanation i have thank you thank you thank you thank you very much uh i'm going to i thought rosemary was bad it's like a connection is really good i see her back no she's not
• 2:00:01
  She's not in the space any longer. I'll go to Simon. Go ahead with your question. Hi, everyone. Good evening. Good evening, Mr. CEO. Thank you so much. And thanks to your team. I think it's been very interesting listening to all of you. And I mean, you will hardly find companies that are growing at the same rates as you are doing. Q1 revenue growth is about 196%.
• 2:00:32
  Which you rarely see. I mean, many of the things I wanted to ask have already been discussed. So I would just focus on just about three of these things. So the first question would be around strategic growth, which you've already discussed, but just a few questions around it. The second one would be on your dividend growth policy. And then the third one would just be coming back to these receivables. So on strategic growth, I mean, I enjoyed when Mr. Chijoke, the ED, spoke about your strategy.
• 2:01:00
  The fact that you're looking to do some strategic diversification to public sector space or to public expandments. And then he talked about the PPP model. Given that you've been largely focused on B2B operations, where I'm not sure how different it's going to be in terms of your margin. Your current margin is about 53%, so to speak. But in our environment, you see that
• 2:01:30
  If you play within that space, or if you look at how pricing is done in that market at the moment, it's a low-priced environment. And you've also alluded to that when you talked about the free service subsidy policy, that basically government is just offering these things free of charge. Now, when you venture into this market, which is a B2C largely, you will realize that your margin most likely would decrease.
• 2:01:56
  because you're going to be pricing at a point where customers will be able to pay. And then there's also the counterparty risk, which is that you can actually make all of this revenue, but then you struggle to collect it. Is your strategy to have a contract with government and government will pay you or that you're signing a contract with government such that you can now service the customers and customers will pay you? Now, depending on what your answer is, that will actually probably...
• 2:02:26
  help me to understand what your strategy will be around your pricing. Would that more or less reduce your margin, your current gross margin, or would that in any way elevate it? And how will you manage the counterparty risk? The second question is around your dividend growth policy. It's nice to hear that you plan to grow your dividend by 500% over a five-year period. But then anytime you're growing something from a very low base,
• 2:02:55
  the growth really doesn't reflect in it that much. So I think in 2025, you paid about 10 cobo per share. This year, you're paying about 30 cobo per share, which is huge growth. But then when you juxtapose it with the fact that you've already said, oh, you want to grow at 500% over a five-year period. 500% over a five-year period means that you're moving from 10 cobo to 60 cobo, which is very, very tiny.
• 2:03:26
  considering how much your company's price trades at the moment. In fact, if you think about it, if you try to rework what your EPS would be post the current issue you're doing, the 1 billion plus shares that you've basically gone public with, you realize your number of shares will go to about 2 billion.
• 2:03:54
  And then your EPS, you know, on a trailing 12-month basis will go down to about 2.1, 2.20 kubo or 2.17 kubo, so to speak. Now, if I use your next four years dividend expectation and say what is the dividend payout ratio, considering your current trailing 12 months,
• 2:04:22
  eps i'll be landing somewhere around 27 and this is because i've already accounted for the fact that you have issued additional shares now if i consider the fact that over this period you expected to actually grow your eps over time you will see that your dps is out your dividend per share is actually very very low from the point of where you're trading
• 2:04:47
  Are you going to in any way give some comfort to shareholders that probably over the next five years, you can probably move your dividend payout ratio to somewhere around maybe 40 or 50 percent? Because the market you're playing is a market where everybody is very interested in dividend. And I understand the fact that Charles has mentioned the fact that if there is no need to pay dividend, you can hold on. Yeah, that's understandable.
• 2:05:14
  i mean growth companies always you know try to conserve cash you know for further growth but from your own perspective are you thinking that 60 couple per share in the next five years will be something that you know when you when you tell your shareholders they will be very proud that that's what they are collecting at that time maybe your share price may be trading at about maybe 80 or 100 naira per share i don't know but would that be compensatory
• 2:05:38
  And just the final thing, the final point I want to make, apologies, it's taking a bit of time, but the third thing I want to just point out is on your receivables. I know people have talked about the fact that receivables have grown. One of the things that you notice if you look at the company's Q1 result is that they placed receivable of eight point something billion. And then as though that is the
• 2:06:07
  the correct the other number for probably what do i call it um comparative number you will see three point something billion now when people look at three point something billion to eight point something billion they are afraid they are like what's going on here but if you go really go by you see that it's actually a jump from six billion to eight billion and the eight billion on its own is actually because of the two billion um asset they're expecting so it's not there's really not a lot of jump when it comes to receivables so to speak
• 2:06:37
  But where my question is, is in the fact that if I look at your receivable aging profile, and I say, if I take all your receivables between 60 days and below, they are about 4.2 billion naira. But your revenue over the last 90 days is just 3.5 billion. What's going on? Thank you very much. Okay, let me... Thank you. Sir, one minute.
• 2:07:12
  uh the cfo i'm not sure if the cfo is on the call uh she maybe she has a lot of um so the questions on receivables we kind of addressed that um but please tweet twitter critical initiates and uh would um would forward the question okay uh to to the cfo but uh mr ruben you can address the other questions okay thank you very much
• 2:07:42
  These are very genuine questions. I'll start from a repositioning strategy that he started with. First of all, yes, if you are going into public waste, the margin is not about, I mean, it's not about margin. It's about steady income and then improve top line. Our revenue will increase.
• 2:08:11
  The percentage of the margin may not be high, but the returns will be high enough that it will be much more than what we are doing now. The way to say it is that if you are getting, like now we are at about $12 billion, if we get $500 billion and you have a margin of 20% instead of a margin of 50%, definitely it will be enough for us to have good dividends at that point.
• 2:08:42
  And this is something that is dependable, not just dependable for one year, for 20 years, for 30 years as we are looking at. Our vision is that once we're able to hit one state, other states will follow. Now, that's about the margin. It will affect it, but in the long run, it may not have a very serious impact. That means the revenue volume will be high, but the percentage in the margin will be...
• 2:09:11
  reasonable enough for us to get good dividends. Now going to the issue of pricing. Yes, we have looked at these two models. Can government collect and pay us? Or do we collect straight from the public? We have analyzed it and discovered that we will use government to collect. And this collection is going to be based on our digitally developed system.
• 2:09:43
  that will enable people to pay just like how you top up your phone credits. So to reduce the leakages from government. So we are considering government now as the off-takers of our services. And so because they are the off-takers of our services, then we eventually pay them. What is the model? The model is that the SPV is going to have a central account where all money will be paid into. Even if it's government that is collecting.
• 2:10:14
  it will be paid to a central account where the spv will be managed and then from there we will be paid government will be paid for their job in terms of collection of the revenue in terms of enforcement so this is the structure we want to use to run but suggestions can also be taken from you people if you have ideas what we're talking about now on the other hand yes if i told you that
• 2:10:43
  ushered 500 in five years and within the first year we have jumped to 30 kubu that spells it out that yes that is our projection if we are moving in this direction and why was this like this it was like this because this period is our growth ultimate our development period most if you see the revenue in the profit we make our tax ratio is very low
• 2:11:13
  If you check what we are paying now from our dividend, it's very low. So if we finish in this development, I'm sure that our payout ratio will increase. I'm sure that our target is to be able to hit a dividend yield of 4%. This is going to be a long time because why I'm not speaking with dividend yield as of today is because our price is still not very stable in the market.
• 2:11:43
  Development is still on. We are doing capital development now. But after this year, and if we're able to move this year, say probably we're able to hit one naira this year, it means you are going to expect this growth will be there. So our policy is now that we must double whatever we are paying, if not triple it. So that is the bottom line. We are targeting that we should have a dividend yield of between 1% to 4%.
• 2:12:12
  within five years that is actually our target but i reduce it to figure of percentage because of where we are and because of the growth uh the development we are taking on now and i'm sure by end of this year all issue of development expansion we are taking some good route that will have a place to pay out more but we're not even paying up to 20 percent of our of our net profit
• 2:12:42
  So we aim to pay close to 30% of our net profit as time goes on. Thank you. Yes, I can hear you. Yes, we can hear you now. Talk about the receivable again. Thank you. CFO, go ahead. Hello. CFO, I'm waiting for you. Yeah, we can hear you. We can hear you. We can hear you, Rosemary. Okay. Rosemary, unmute your mic.
• 2:13:29
  Rosemary, unmute your mic and go ahead. Rosemary, unmute your mic. Can anyone hear me? I can't. Okay. Rosemary, unmute your mic and go ahead. Okay. All right. So, guys, just make it very, very snappy. These are hardworking ladies and gentlemen, you know, so let's not keep them here for too long. Black lives.
• 2:14:08
  I'll mute your mic and go ahead with your question. Black Lives, Jero, Juan. Good evening, everyone. It's been very interesting hearing Sip speak again. I'm speaking from my own personal experience. So I did subscribe for the public offer. And up until now, I haven't still received my allotment.
• 2:14:40
  And also I've looked through the form, I completed it very well. I've contacted my broker and they're saying I should still wait. So the explanation that has been given today, I'm not really certain if it has also taken into consideration that the registrar might have also intentionally made mistakes to allot people properly, which give rise to the discrepancy around people getting over...
• 2:15:08
  like there are people who got more shares than they subscribed for so that's one thing i wanted to point out and my my my whole information was completely properly okay okay okay uh yeah let me let me let me take that it's very important for us very very important okay yes yes like i said you know all this we are talking about is computational figures
• 2:15:35
  Even if it's going to eventually show in computers or dashboard of so many organizations, human error can also occur. We do recognize that. And like I said, I've actually put, I've been replying questions here by putting out the registrar's email address. I just plead with anybody that has serious information, serious challenges, getting his say.
• 2:16:04
  to get back to them, please. You can just drop a short mail, your name, and if possible, a scanned copy of what you have submitted or whatever thing that you think you can use to help them. In addition to that, I want to also appeal to all of us here to help us. I've got this information before now that some people got more than what they subscribed for. Only one person came back with that.
• 2:16:32
  And we took the person through. The person forgot that he subscribed for 1,000, I mean, 100 million first and came back with 65 million. And we showed him that you have two forms. You pay twice. And that was how the guy realized that, oh, he was thinking that he only subscribed for only 65. Meanwhile, the first subscription he made was 100. He was there. But that's not the issue.
• 2:17:02
  Anybody that you know that has this oversubscription, I mean, that got more than what he subscribed for, please, can the person come forward? Because it's a very serious matter if at the end of the collision, somebody would have gotten shares allocated to him and the people who subscribed couldn't get. So we are anticipating that it may be a human error.
• 2:17:32
  and so in that regard if you have this information please do feel free to reach out to us on this i don't know how to put it but it is important we appeal to whoever that has this type of situation to get to register or to us to me in particular so i can take it off from there honesty is still a golden virtue in nigeria but i know that we have people who can also
• 2:18:01
  stand up to their name in terms of reputation. Thank you very much. Naza, go ahead. Go ahead, Naza. Okay. Hello, everyone. Good evening and a big thank you to the management of TIPS. Just like everyone has confirmed, you guys are one of the most active operators online, carrying your investors along all the time.
• 2:18:30
  I hope that you also invest the same energy in investors that are offline because it's not everyone that is online and that is on X to see the beautiful work you are doing. I just wanted to ask, how do people with the discrepancy in allotments, for instance, someone already messaged me asking me how they can reach out to you. The person got over a locator. So do they message you privately or send a message to the tips handle or?
• 2:18:59
  what exactly please two ways the registrar's email address is there my email address is also available so i will put in all that through the box the chat box here but my email address is simple it's rm of site at initiatesgroup.com the registrar's own is registras at appell
• 2:19:34
  okay will we will we coordinate that we will coordinate that if these guys are within our community so please try and put it out yes so that this may can go i'm happy he has said somebody reached out to to her on receiving more than what he or she subscribed for so the email address will be available please do share my email address and the data of the registrar
• 2:20:02
  Just after this. Thank you. Okay. H. Hib. Franklin, quickly, go ahead with your question. Okay. Franklin, after your question would round up, so you will be the last person. So, go ahead. Franklin, go ahead. Unmute your mic and go ahead, Franklin. Okay. A couple of people. Just hold on a minute. Just let these guys. Okay. Franklin, are you there? If you are there, unmute your mic and ask your question.
• 2:21:07
  Okay. Frankly, Juan, Emeka Diamond, unmute your mic and ask your question. Okay. Good evening, everyone. Can you hear me? Go ahead. Go ahead. Okay. Once again, I want to thank the team. I've been an avid follower of this team. Earlier today, I watched Anomer's presentation on TIP, and I'm happy that Charles mentioned it.
• 2:21:40
  And I asked on that platform, I asked, that's my first question, I asked, why Uganda? I asked that question because I know that ordinarily Uganda wouldn't have been the first choice. I was thinking of DRC, I was thinking of Angola. So I started asking myself, why would TIP go to Uganda first?
• 2:22:13
  is this station of area of least resistance or what informed that that's one two uh i wanted to ask questions on the public waste but uh mr has likely addressed that but i want to ask specifically today i read a report from apple and i posted it on the telegram community
• 2:22:43
  where Aquirebomb is saying they are looking for partnership. Can Mr. Osai or anybody from the team specifically address what they are doing with Aquirebomb presently? Number three, it has to go directly to Mr. Mbagu, the commercial ED. His presentation, I'm sorry to say this, but his presentation reminded me of the days of...
• 2:23:12
  mpr management profitability reports in the banking sector where everything was futuristic uh the md has talked about 500 percent increase you know in payouts dividend payout but i didn't hear anything any wins any current wins from the company on how to achieve that all i had was
• 2:23:41
  we are doing this we are doing that what has the company currently won to ensure what kind of business have they won to ensure that the 5% increase in dividend payouts they are talking about will be realized and not what they hope to get tomorrow those are my three questions thank you very much
• 2:24:11
  Okay, sorry. Thank you, sir. Let me take it. Before the management goes, going forward, just one question per person, please. Okay? Thank you. Okay. This question is very interesting to me. Why Uganda? You know, first of all, Nigeria has a relationship with Uganda, which most of us may not know. Their laws and our laws, just the recent ones, they are changing. They are very, very similar because I think they are first starting to generate from Nigeria. But that's by the way.
• 2:24:41
  We have actually gone, I personally have gone to Angola. I have a friend who left from Nigeria to Angola and he requested that I should come and set up in Angola. Angola is the most toxic environment with regard to local contents in oil and gas in the whole of Africa. I'm telling you that if you go to Angola successfully to set up, then there must be something you are doing differently. So Angola is very toxic.
• 2:25:13
  The DRC is politically not stable. We know that very well. If we are going to do investments, of course, a long-term investment, political stability is one of the issues. What delayed our acquisition payment to this time that we made it? We had that money, but we're waiting to see what is going to happen in Uganda elections, which eventually came out and they are stable.
• 2:25:41
  So, we went to Uganda because they've got oil just like Angola. But Angola is relatively old, older than Uganda. Because Uganda, they have not even started exporting. They have not started producing. So, we wanted a place where we'll sit and the thing will grow with them. And that's exactly what we have done. Angola is toxic. Uganda is not toxic.
• 2:26:12
  foreign investors okay for example for i will give you more detail if you go and incorporate a company in uganda if the company is incorporated in uganda and you have uganda in your climate up to 70 percent that is considered as a local condition yeah okay yes and you are qualified for uganda development banking in the actual sense
• 2:26:41
  They approved, Uganda, that is like our bank of industry, approved $700,000 for INSEAD's Uganda that we didn't take. We tried them and they approved it for us. Of course, if you go to Angola today, you cannot set up a company without an Angolan person being the major shareholder. That is completely impossible.
• 2:27:11
  In addition to all this, language barrier is a major thing in business. A business where you go to an environment and somebody will be explaining what the other party is saying and all that. We try to look at that. And that is why we are focusing more in places where we can get English so that even their law will be easier for us to understand because foreign investment entails a lot, a lot of legal issues. And you must be completely assured.
• 2:27:41
  before you can... So risk assessment, language, toxicity of the environment, these are all the things we have looked at. We have even gone to Africa here. We have also gone to Mauritania. These are countries that we have visited, doing studies to see where we can actually do development. It's difficult in Africa here. It's almost the same thing with Angola.
• 2:28:12
  But let me leave that. Akwa Ibom, we have done three presentations in Akwa Ibom. And as I was speaking to you, I have an appointment to be in Akwa Ibom tomorrow or next. So that whole decision and pronouncement by government is born out of the issue that we've been going around to see the governor. We've not been able to see the governor. We have seen the commissioner. We have seen even the investment company, Alco.
• 2:28:42
  a quite home investment company so we have made some presentation and so this pronouncement is like ah you say these people are around where are they let them come that's what it is so i mean we're going there we're working with you great yes and then you talked about how to joke it's okay probably may answer let me just put this across uh we don't talk about win so much in the oil and gas we talk about pipeline what is in the pipeline because
• 2:29:12
  Some of these wins are not something that you can begin to discuss when the papers are not with you. So if we are talking, we'll tell you the one we are running now. And I can speak to you on heritage. We are running it now. I can talk about Renaissance, the ones we are running now. I can talk about SEPCO. These ones are the ones we are running now. Which other one? Tokam.
• 2:29:41
  We have recently gone into an EGR. We have a contract we have signed that has not been operationalized with a platform. Very good. Yes, these ones are all running. But the great wars we are expecting in the West here, I mean the East here, we can't begin to talk about it, but we have done great work. Let me put it that way. We have done great work.
• 2:30:09
  Some of them are in the pipe, almost at the end of it. So we are sure of getting this. I appreciate that. On a lighter note, let me tell you what my boss used to tell me then. He would tell me, break that pipe and bring out all those things from the pipeline. So that would be my last comment on that. Thank you. We are breaking the pipe. You see, I had to just bring out the aquifer issue. That is part of breaking the pipe. Otherwise, I wouldn't have told you this yet.
• 2:30:37
  Thank you very much. Thank you. I appreciate you guys. Thank you. Thank you very much. Thank you, sir. Chokbe, Chokbe, very respected member of the community. Go ahead, sir. Thank you, Charles. And thank you, Green Ticker Tales team. And Mr. Ruben, I want to thank you and your team. We are very proud of you. A lot of us...
• 2:31:04
  bought more of TIPS public offer just because of you when you came and talked to us, corporate governance, and we actually believe and trust in you. And you've always came back to answer our questions. But I have to tell you, you know, after this thing has been done, despite all the explanations you gave, the whole process, you know, fell short.
• 2:31:34
  of what we expected um i'm being honest with you i you know i'm of the opinion that when this is all said and done maybe you need to relieve the registrar of their duty because um the fact that some people got their you know their allotments and it's been almost a week plus others have not gotten theirs i mean this is not rocket science you know
• 2:32:03
  it leaves a lot to behold. So that's really the aspect that I've had issue with. You know, you're working hard to move the company forward and a registrar is working hard to pull things down. So we're not happy about that because there's still a reasonable amount of us who have not received anything. So please try to look into that. Thank you.
• 2:32:33
  I want to sincerely thank you. I like frankness, the way you have presented it. I don't want to begin to tell you that we are disappointed at what the registrars have done. As I speak to you, we have given them a formal letter notifying them of our disappointment and then also informing them that we are stating the fact that we will exonerate ourselves of any...
• 2:33:04
  liabilities that may fall out of this because as we are talking SEC is very serious in compliance they give us two weeks for all this to be finished and that two weeks is this week we are entering now so anything beyond this week we are entering we're already running at us we're running into non-compliance so we take this very seriously the first detail we give them must have
• 2:33:34
  by giving them the indication that we are going to move away from them. And surely you have spoken our minds. I want to assure you that what you people suggest here, we take it seriously. And again, we will give them all the benefits, work with them to see that they clean up all this mess, and then the change will come. We have already given them a notice on that. Thank you very much, and please continue to trust us.
• 2:34:04
  The third party that have come between us, the registrar and the rest of them, we also make changes to see that they're aligned. We work with people that we align with our vision. Thank you and I appreciate it. Thank you. Appreciate you. Thank you again. Thank you, Mr. Atrusk. Oksainu, quickly, go ahead with your comment or question. Oksainu. All right. Thank you very much, Charles and Green Zika's team and the management of TIP.
• 2:34:34
  It's always great having the team with us. We're actually happy to have you listen to us and hear our questions and opinions. At the start, I had so many questions, but happily many of the questions have been answered. So this leads me to about three comments. And the first one is just to...
• 2:35:01
  Let the team know that we are very happy to see this on the NGX. We are happy to see companies come up to us to discuss with us their plans and to hear from us problems and how best to move the company forward. Not long ago, I dropped a screenshot of an observation on the company's statements.
• 2:35:29
  the the aim here is to have the team ensure that um besides the non-financial data on the statements the integrity of the statements the wordings spellings how the statement is presented should also be looked into going forward um like the md has rightly said the it's a company that has big dreams big aspirations and as it stands it looks like the company is on track so um it's it would be very
• 2:35:55
  it should be gladdening or the investors will be happy to see um the company continue to practice or begin to implement um better display or presentation of the um company's results and um the third one which we have um it has been stressed and i want them to take this as a as as a as a as a as a as a as an observation um as much as it's easy from
• 2:36:25
  for people to tell you how to run the business from outside i'll put it to you many people do not know how to run a business but we have so many critics they are very good at criticizing how a company should run its business i'm not making this comment from that direction but i just want it for the good of the company trade receivables there's a reason why people keep flogging these trade receivables maybe because people have seen firsthand how companies go down because of receivables that we believe that they are
• 2:36:54
  They are to be serviced on a rotating basis, like Rosemary said, which actually puts some form of comfort to me. It's a kind of business that runs a particular window. I think she said 60, 45 to 60 days. So guess what? In Q2, we're going to see the same heightened, well, in quotes, we're going to see probably an increased number or probably the same ratio to revenue. However it is, it's going to keep happening.
• 2:37:20
  because of the nature of business that they run. She mentioned government contracts in dollars, payments that may take a while, approvals and all of that. So it means that this has, in the short term, it has come to stay, except if TIP finds a way around it. So I just want to flog on that again, that as much as we have in quotes accepted that we may begin to, we may continually see this as the quota because it's a rotating business.
• 2:37:48
  So while one is being paid, another is already waiting. So I would enjoy that the business also continues to keep an eye on the type of businesses that are categorized as on the types of trade they do that results in receivables. So where we are beginning to see red flags, where you're seeing
• 2:38:08
  consistently probably a particular outlet or business is not it's not it's it's delaying payments we need to be very careful especially in terms of the amount that is actually being um the the the amount on the contract or the amounts that we're expecting so that's it really i just want the tip team to be very careful in this regard and of course if there are ways to improve it if it's to shorten the um find a way to
• 2:38:34
  gradually reduce the number of days that these payments outstanding that's good that's that's easier to i mean it makes the reporting a bit tidier um yeah i think that so then also then the last one is that um i know somebody that actually got um um that got over allotted what it paid for in terms of the number of shares
• 2:38:56
  um although he's trying to check again to be double sure but what i would advise is that um i don't know if the tip team can go back to um the registrar the cscs and do like a double check many people will not come out i know nigerians they will not come out when there is and when it's over when it's under oh of course everywhere will be you you understand you would be running out of skill but when it's over nigerians will not come out now this is what may happen maybe in the next one year
• 2:39:23
  checks and balances, they begin to trace those that were oversubscribed. Now, probably CSCS sends it to the broker. The broker then begins to put maybe negative. Some may have even sold off everything. Some may have. That is it. The broker is trying to correct what has happened last year. Guess what? Nobody would say it's probably Stambi. They will come and say TIP is playing pranks. I'm sure TIP does something like that. So please, it's better to go back to it now.
• 2:39:53
  Find those people. A lot of people are oversubscribed. Well, a few people are oversubscribed, I'm sure, but they will not come out. But now when you're trying to correct it, you now hear people saying, oh, TIP is a scam. Oh, in 2025, I bought this. Now they reduced it to 30 or my account was placed on land or the NGX is a messy place. So TIP should try to put CSCS on their feet, the registrars and all the concerned parties so that this is solved now.
• 2:40:19
  so that in future it doesn't put a smear on the entire market's name. Thank you. Thank you very much. Thank you. I appreciate it. Thank you very much, Oxino. In addition to that, Mr. CEO, I'm just thinking, okay, so for a couple of those who got over-allotted, how do you intend to solve the problem? Because as it is, a couple of them who have reached out are saying,
• 2:40:48
  they are ready to pay for the extra shares that they have been given. The only way, and what that lady said is very, very correct. In as much as I don't want to paint everybody the same brush, a lot of people who get over-luttered, we say, ah, God, don't blutter my bread, you know, thank God. That's how we put it. However, if...
• 2:41:12
  If you have a way that you are going to resolve it now by saying, okay, if you got over-credited and you are ready to pay for it, that's one option. But again, that now leaves people who did not get... What that means is those shares you are getting are supposed to be for those people who were under-allotted. So I don't know how we are going to solve this.
• 2:41:42
  You know, between maybe you go and you go and ask, OK, for those people who are who are allotted and they are ready to pay for the shares, can we take the money and increase the number of shares? So it all depends. The only way you make people come out is if you come out with a clear strategy as to how you intend to solve their problems. Because if so, we say, I'm ready to pay if they're ready to take my money for the shares.
• 2:42:12
  because all of a sudden everybody is beginning to see value in the initiative. Everybody is beginning to see that.
• 2:42:18
  getting into this company is just like getting into on ground zero people were complaining and i told people people got into this company at 33 couple people got into this company at 60 couple people got into this company on one naira people got into this company at six naira people got into this company at 10 era and people would get into this company at 100 naira that's guaranteed but you know in situations like this you know it's unfortunate it has happened
• 2:42:48
  And I'm very happy that, you know, at the end of this whole exercise, everything will be considered. And, you know, like I said, the initiative is a very young company. And some people are happy that they are doing well, and some people are not so happy that they are doing well. That's the nature of business. You understand? So you really have to sit down, talk to CLCS, talk to APEL, talk to SEG, and ask, okay, this is my dilemma.
• 2:43:18
  How do we solve this? If people who are ready to pay for those extra shares, putting out the money, what do we do? Do we give extra? Okay. So you really need to. That strategy, that strategy of pulling out, I mean, allowing them to pay us. I won't tell you lie. What we went through with SEC to be able to get this subscription.
• 2:43:48
  to be converted somehow to private placement or what you call it is difficult and that will entail uh each year there will be a resolution again to increase the shares which of course i will tell you categorically that i don't think the shareholders and the board may be going in that direction it's just to go back tomorrow this is what i'm going to do i'm going to go back to uh
• 2:44:19
  and and incidentally somebody have reached out to me i'm so grateful i have to shout to him thanking him that he the the lady that i talked with you gave me a different passion he has given me the right position to tell me straight that he subscribed for this and they gave him extra 300 and this proof is enough for me to hold and tell down you know so we the strategy is
• 2:44:49
  If you have taken, if you have got it more than what you paid for, come forward. That's all. We won't be able to go through increasing. I told you that initially we were not interested in taking anything more than 1 billion shares. Is that not what I said? So now that it has turned out like this, we may not be able to take it because we're also calculating our growth and looking at who and who we can manage in terms of shareholders.
• 2:45:18
  if tomorrow we say we are going to do bonus we have calculated all this into the program we are running so we don't want to go beyond the 0.4 percent that has come in already unexpected you understand so please if you are among uh the people that got over more than what you subscribe for please come forward you are still part of the initiatives and there will be more benefit that will come the only thing is that we want to manage the growth
• 2:45:47
  because if we don't manage the growth too it will affect all of us whether you you you got rightly what you subscribe for or you got over what you subscribe for it will affect all of us so let's just be honest enough to come forward and say this is extra somebody has done it while we are on one mr israel i'm so glad i don't i just have to shout to him thank you we have
• 2:46:12
  We have some very credible people on this platform. We are a very big, vibrant community. And in as much as we want to make money... Just a moment. He has written to Eppel. And Eppel was still telling them to hold on and they will reply him. Can you imagine? If you give me a letter today, I will give you an answer today. Oh, well.
• 2:46:42
  A pal is telling him, he posted it on my... Let's just go ahead. Thank you very much. The registrars have failed us. That is the truth. The truth of the matter is these things should be done electronically. We involve very little of these registrars involving themselves.
• 2:47:07
  yeah what happened the electronic component we did is what the claim that is giving them problem you understand the tomorrow that is what they are incidenting all this on so we've tried our best to see how can get provide you know but next time if we must do this type of team we're going to use the ngs platform because if not for the ill advice don't do this do that they actually didn't want us to use the
• 2:47:35
  this online platform for it. There are complaints. But I've seen it that the utmost way is to go and use the NGS platform. Thank you. Thank you very much. And Elxano, for the other observations, like I said, the company is taking care, taking note of the optics. It's going international. And for those reports, it's something...
• 2:48:00
  We have stressed very, very strongly to the management and you can rest assured that going forward, you won't see anything like that. I see a lot more people wanting to ask questions. You guys, please respect the fact that the CEO too has to rest tonight. Camille, go ahead. Just one question, please, Camille. Camille, are you there? Yes, I'm there, Charles.
• 2:48:34
  yes i think the whole issue of over allotment is registered to fix it's very simple i have explained it before and i wrote the register and they fix it they have their record but what i have in my cscs is more than the shares i have when they play my dvd i told you i'm on that page and they go through the proof that they found out the one tiny time the borders are credited twice and they corrected it so
• 2:48:57
  it's an ultimate output is the register duty to fix yes they have the record of all the forms they go to the ground several yes start your collection all over again and you see why you make everyone and fix it even see the cscs it can still be fixed but if you somebody are sold then they do a problem so if they register the manager need to hold the exact and whatever they need to maybe the regulators to hold right now to fix it or it's going to be a good problem for the company most of those investors doesn't know this register they know the company
• 2:49:26
  That's the issue. Thank you. Okay. Thank you very much. Thank you, my brother. Thank you. Agofure, go ahead, quickly. Agofure, are you there? Okay. New Nigeria, quickly, go ahead. Okay. Thank you very much, Charles. I think I just wanted to make a comment on the issue of being oversubscribed. Sorry, being over-allotted. So in my own case,
• 2:49:59
  i have a cscs account so when i got my own allotment when my stock broker got my own allotment i realized that instead of one million i was given two million and i double checked my css account i realized that my css that's my registrar you know allotted me twice so i had to download my css account and then also you know i downloaded my shares uh purchase on the
• 2:50:28
  on my uh stockbroker account and i have to email them letting them know that i think there is an error that they should please correct it if it's not an error why not i would be happy to have the two million you know but uh yesterday when i checked i realized that they have actually corrected it so sometimes also it could be if if someone doesn't have cscs account
• 2:50:54
  without just opposing what the stock brokers posted to on our account with what you have on your cscs which is actually the correct one then you may think it's also uh the registrars so i think we just have if you don't have css account i think it's also good to check it out and then sometimes it could be from the stock brokers like in my own case thank you thank you my brother thank you thank you very much thank you and uh
• 2:51:23
  uh see you you can see the kind of people we have in our community they are not the people i'm very i'm very happy very happy people very very happy you know i can speak for this community and that's why i would do everything to to to project your company as one of the most retail friendly company so
• 2:51:51
  You've done very well today. I will leave Onome to say something and then we'll pass it back to you to give the closing remark for this space. Onome? All right. On the back end of things, we'll be telling Charles to wrap up. We like to keep our word as a team. The management was here, I'm sure, before 6 and it's 10 minutes past 9, so this is about three hours.
• 2:52:21
  They've more than obliged us. Thank you for coming. There was a question I saw. We've had lots of questions on the timeline. I can promise everyone who has dropped a question on the timeline, I personally, I would collate the questions and send to the TIP team. When we get the responses, we would maybe put it together as a post and publish on Green Ticket.
• 2:52:48
  sales the websites or to do screenshots and all that so we see all the questions on the timeline um most of the questions have been around the public offer the rights issue allocation uh and all that so um maybe the only question i'm still that was taken here is an interesting question there was a question on saying okay you've gotten some new uh equipment at um
• 2:53:17
  Prior to now, were there any areas that you had any capacity constraints? And with the new equipment, I believe that has come in or will come in soon, will those areas be addressed? Other than that, I would put all the other questions together and send to the chief team. I would also encourage Daniel, I believe Daniel is still here.
• 2:53:46
  uh but if not um who's part of the visibility unit uh please take the time as well to go through all the questions and then um um we can put together responses and then they can be they can be shared in the group if not if not shared here probably would say it in-house it's in our it's in our community as well so that's my only question sure mr ceo can you just give a opening
• 2:54:16
  uh close your mouth for the closing yeah yes uh i just can't say much um first of all very rich today to listen to nigerians with this level of honesty i think we have a new nigeria like the name you just called before i have to come to speak again i'm very grateful and i promise every one of you
• 2:54:49
  that have supported us that you will not regret being part of this team. I'm sure that this team and the team we are grooming will be able to sustain this temple. This business, I've been in this business for over 30 years running and the idea of this business from the onset was to set a business that will live beyond all of us who set it up.
• 2:55:21
  and I think it's working very well. I thank God, all of us, and I pray that we'll get the registrars to rectify most of these challenges we have. I know the implication like the speaker before the last is going to impact on the image. The suggestion made also by one of us here, we already started working in that direction by giving them
• 2:55:51
  our letter of notice so i want to say thank you and thank you once again and promise you that we'll be here to share this news and to hear from you your suggestions matters a lot to us incidentally this community appears to be more of nigerian diasporas and why we're interested in it is that you have seen what is working there see how we can make it work in nigeria waste management is a big business
• 2:56:20
  Waste management in Nigeria, only the public wastes about $15 million per annum. I mean, yes, annual value is above that. So we have a lot of money that we can take from it and we can provide employment and make things better. If you go to Abia State and see what is happening there, it's now trying to reawaken all of all that. There is nothing that is not possible in Nigeria. It can work. Nigeria can be Nigeria again.
• 2:56:50
  Thank you and God bless. Thank you very much. Thank you. And thank you all for showing up on this space. We appreciate your presence all the time and we'll continue to make time and make sure that our investment journey is smooth and rewarding. Thank you and have a great evening or morning, wherever you are.
• 2:57:21
  take care guys bye thank you charles i'm team thank you very much we want to get a record what do you call it a record of this meeting today because there are a lot of things that we yeah then promise that the questions that we couldn't take here if you can push it to us too
• 2:57:53
  It will be good because it will help us in looking at the things that we are doing over here. I think we'll talk off the line much later. I want to thank you for bringing us together. Thank you very much. All right, sir. Thank you, sir. Thank you, everyone. For everyone who is new here, we do this every Sunday.
• 2:58:15
  every sunday i think we've done this straight for maybe four or five months plus now so we do this every sunday talking about nigerian markets where we have seals to bring them on uh so do where to follow the handle please do where to follow the initiates follow all the the management team uh please please don't don't bug them but you can follow them but you can trust us that um
• 2:58:39
  Whenever we see any information around the initiatives and any companies that we have access to their management, whatever we hear, good, bad, we forward to them. So we rest assured that as much as possible, we'll collate everything and send. If you're in the community, do feel free to share as well. Put everything together and send. I'll see you all next week, Sunday, by God's grace.