By Yinka Kolawole, with agency report Nigeria’s dispute with the telecommunications giant, MTN Nigeria Plc, may have taken a severe toll on the nation’s foreign direct investment profile as FDI plunged 43 percent in 2018 at the backdrop of a significant 13 percent rise in FDI across sub-Sahara Africa within the same period. MTN-Office The FDI inflow closed at $2.0 billion in 2018, down from $3.5 billion in 2017, according to a report by the United Nations Conference on Trade and Development (UNCTAD), a development which the report said, came…
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MTN SPEAKS: WHY EFCC IS INVESTIGATING US
• Share price drops Emma Okonji MTN Nigeria Communications Plc has confirmed the visit of the Economic and Financial Crimes Commission (EFCC) to its Falomo office in Ikoyi, Lagos, to probe an alleged shares manipulation scandal rocking the telecoms company since the recent listing of its shares on the Nigerian Stock Exchange (NSE). The development may have contributed to the depreciation in the share price of MTN Nigeria for the first time since it was listed on the Nigerian bourse. Precisely, after appreciating by 65 per cent (N59) in just…
Read MoreEFCC OPERATIVES INVADES MTN OFFICE, QUIZZES MANAGEMENT
[FILE PHOTO] EFCC The Economic and Financial Crimes Commission (EFCC), yesterday, stormed the Falomo office of telecommunications firm, MTN.The raid, according to information gathered by The Guardian, was not unconnected to the recently share listing of MTN on the Nigerian Stock Exchange (NSE). Claims of manipulations, irregularities and scarcity have been linked to the share listing since it debuted on the NSE on May 16. The South African telecommunications firm had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE, a par value N0.02.The listing of MTN…
Read MoreSIM CARD INFRACTIONS: MTN MUST PAY 55BIL TO FG BEFORE MAY 31
Following a negotiated reduction of the N1.04 trillion fine on MTN Nigeria to N330 billion and in line with the staggered payment arrangement, MTN has, so far, paid N275 billion to the Federal Government.Part of the fallout of the negotiated terms of payment of the fine is the listing of MTN on the Nigerian Stock Exchange (NSE), and this is being done.What this means, according to the staggered arrangement, is that May 31, 2019 would be the deadline for the telecoms’ firm to pay the sixth and final tranche of…
Read MoreSEC INVESTIGATES MTN LISTING ON NIGERIA STOCK EXCHANGE OVER INFRACTION
•Shareholders rake in N6.1bn in one day as induced scarcity continues Obinna Chima and Goddy Egene The Securities and Exchange Commission (SEC) is investigating the process that led to the listing of MTN Nigeria on the Nigerian Stock Exchange (NSE) last Thursday, THISDAY learnt yesterday. A source said the application of the telecom firm was initially turned down by the NSE Council before it was later reconsidered, without the authorisation of SEC. The disclosure came on the heels of an earlier THISDAY report that investors on the NSE and stakeholders…
Read MoreMEET THE REAL OWNERS OF MTN
MTN Nigeria office Related News REVEALED: Nigerian government partly owns embattled MTN ANALYSIS: MTN’s history of controversies, violation of Nigeria’s laws Illegal $8.12bn profit repatriation from Nigeria: Questions, as Emefiele announces how CBN, MTN settled Untold story of MTN’s ‘illicit’ repatriation of billions of dollars from Nigeria MTN appoints advisors on proposed Nigeria market listing Last Saturday’s listing of MTN Nigeria shares on the Premium Board of the Nigerian Stock Exchange (NSE) has made it possible to identify the shareholders of the telecoms firm. Many Nigerians believed the Nigerian government…
Read MoreNSE OKAYS MTN LISTING AT 90 NAIRA PER SHARE
as telco plans to raise N200bn for expansion Ife Ogunfuwa and Feyisayo Popoola The Nigerian Stock Exchange on Tuesday approved the listing of MTN Nigeria shares on the nation’s bourse. A senior management at the NSE, who pleaded anonymity, told the News Agency of Nigeria that MTN Nigeria’s application for listing was approved on Tuesday. The source said the company, barring unforeseen circumstances, would be listing a total of 20,354,513,050 shares at N90 per share on May 16. The source told NAN that the company had completed all the necessary…
Read MoreCOURT THROWS OUT AGF’S OBJECTION TO MTN’S 3BIL NAIRA SUIT
MTN The Federal High Court, Lagos, presided over by Justice Chukwujeku Aneke, yesterday rejected the notice of preliminary objection filed by the Attorney-General of the Federation (AGF), Abubakar Malami (SAN), in the N3 billion suit filed against him by telecommunications giant, MTN Nigeria Communications Limited. The substantive case would now be heard on June 26, 2019. MTN took legal action after receiving a demand notice from the AGF alleging unpaid duties and taxes between 2007 and 2017. It has maintained that it is fully compliant with Nigerian tax laws. The…
Read MoreMTN APPOINTS EMIR OF KANO AS DIRECTOR
Emir of Kano, Muhammadu Sanusi II (file photo) Nigeria’s telecoms giant, MTN has appointed a former Central Bank governor and current Emir of Kano, Muhammadu Sanusi as a Non-Executive Director effective July 1, 2019. The appointment of the Emir is part of a board room shake-up at Africa’s biggest wireless carrier, which will also see the on-boarding of South Africa’s former deputy finance minister Mcebisi Jonas as a new group chairman. In Nigeria, the appointment of the vocal former CBN chief Sanusi comes as MTN prepares to list its local…
Read MoreMOBILE PHONE USERS DROP S MTN LOSES 1MIL SUBSCRIBERS
Ife Ogunfuwa The number of active subscribers to mobile services in Nigeria has reduced by 348,778 in February 2019, latest monthly subscribers’ data obtained from the Nigerian Communications Commission indicated The statistics further showed that out of all the mobile network providers, MTN lost 1.09 million subscribers in the month of February while other providers gained new subscribers. In January, the four mobile network operators had a total of 174,012,136 active users, which reduced by 0.2 per cent to 173,670,035 as of the end of February. Further analysis of the…
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