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EFCC investigates MTN’s listing on stock exchange

EFCC investigates MTN’s listing on stock exchange

May 26, 2019 12:36 am

MTN Nigeria yesterday said that it was being investigated by the Economic and Financial Crimes Commission (EFCC) over the listing of its shares on the Nigerian Stock Exchange (NSE).

In a statement posted on the exchange web site by MTN Nigeria Communications, Company Secretary, Uto Ukpanah, confirmed the investigation.

The statement said the company received a letter on May 23 from EFCC requesting information and documentation related to the listing of its shares on the NSE.

Read Also: Official: MTN signs 7-year ₦200bn medium term facility

“MTN Nigeria has not been accused of any wrongdoing by the EFCC. We wish …

Google sever ties with Huawei

Google sever ties with Huawei

May 20, 2019 12:35 am

US internet giant Google, whose Android mobile operating system powers most of the world’s smartphones, said Sunday it was beginning to cut ties with China’s Huawei, which Washington considers a national security threat.

In the midst of a trade war with Beijing, President Donald Trump has barred US companies from engaging in telecommunications trade with foreign companies said to threaten American national security.

The measure targets Huawei, a Chinese telecoms giant in Washington’s sights that is listed by the Commerce Department among firms with which American companies can only engage in trade after obtaining the green light from the authorities.…

Active subscribers increase by 43,807 in March - NCC

Active subscribers increase by 43,807 in March – NCC

May 18, 2019 11:34 am

The Nigerian Communications Commission (NCC) says there is an addition of 43,807 active subscribers on the telecommunication networks in March 2019.

The telecommunications regulator disclosed this in its Monthly Subscriber/Operator Data made available on its website on Saturday.

The News Agency of Nigeria (NAN) reports that the active subscribers on the telecommunications networks increased from 173,670,035 in February to 173,713,842 in March.

According to the data, 173,432,863 of the 173,713,863 active users subscribe to the Global System for Mobile Communications (GSM) network services.

The GSM operators’ active customers’ figure increased by 156,335 in March, after the 173,276,528 subscribers recorded in …

MTN Nigeria posts ₦1.04 revenue in 2018

Official: MTN signs 7-year ₦200bn medium term facility

May 17, 2019 9:32 am

Leading Information and Communications Technology (ICT) company in Nigeria, MTN Nigeria Plc, has announced the signing of a seven-year N200 billion medium term facility.

Chief Executive Officer of the company, Mr Ferdi Moolman, announced this after signing the agreement at the law offices of Aluko & Oyebode in Lagos on Friday.

He said that the signing was with a consortium of seven local banks, with Citibank acting as co-ordinator and Quantum Zenith, as facility agent.

Moolman said the facility would enable MTN to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer …

MTN Nigeria posts ₦1.04 revenue in 2018

BREAKING: MTN Nigeria hits ₦184b in listing rally

May 16, 2019 10:24 am

MTN Nigeria Communications Plc has just listed its shares on the Nigerian Stock Exchange (NSE), rallying N184 billion gain in first day of trading.

The NSE admitted, by way of introduction, 20.35 billion ordinary shares of MTN Nigeria Communications at N90 per share.

The shares, which were listed on the Premium Board of NSE immediately rose by the highest daily allowance price change of 10 per cent or N9 to close at N99 per share.

National Council President NSE, Otunba Abimbola Ogunbanjo, said: “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our …

Beware of Loom ponzi scheme, SEC cautions Nigerians

Beware of Loom ponzi scheme, SEC cautions Nigerians

May 16, 2019 9:32 am

The Securities and Exchange Commission (SEC) has raised the alarm over the activities of some fraudsters currently running an online investment scheme tagged ‘Loom Money Nigeria’.

Loom Money Nigeria is taking over social media by targeting young people to participate in a pyramid scheme.

But Acting Director General of the SEC, Ms. Mary Uduk during a press conference by the Minister of Finance in Abuja, Thursday warned Nigerians of the fraudulent activities of Loom promoters.

Uduk, who was represented by Acting Executive Commissioner, Operations of the SEC, Mr. Isyaku Tilde said the fraudsters carry out their illegitimate business activities via …

China to USA: We can’t swallow your bitter fruit on trade

China to USA: We can’t swallow your bitter fruit on trade

May 13, 2019 12:02 am

China is refusing to be arm-twisted by Donald Trump’s America over agreeing to a trade deal, as it said it would not swallow any “bitter fruit” that harmed its interests.

Trade negotiations between the two countries are deadlocked over Washington’s demands that China implement promises of concrete changes to its law.

The trade war between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations.

White House economic adviser Larry …

AFDB image

AfDB approves $200m for Nigeria’s electrification project

May 12, 2019 8:39 pm

The African Development Bank Group (AfDB) has approved $200million to boost Nigeria’s electrification project, particularly the off-grid expansion being implemented by the Rural Electrification Agency (REA).

A source in the bank, who did not want his name in print because he was not authorised to speak, said the project is expected to provide electricity to households, medium, small and micro enterprises (MSMEs) and public institutions in a least-cost and timely manner.

According to him, the project has four components which include solar hybrid mini grids for rural economic development, stand-alone solar systems for homes and enterprises, energising education as well …

South Africa, South Sudan conclude deal on oil exploration

May 6, 2019 9:22 am

South Sudan and South Africa will sign a production sharing agreement for an untapped exploration block in the East African country, South Sudan’s petroleum ministry said on Monday.

The ministry said in a statement in Jubai that Exploration Production Sharing Agreement (EPSA) for Block B2 would be signed by Ezekiel Lol Gatkuoth, South Sudan’s Minister of Petroleum and Jeff Radebe, South Africa’s Minister of Energy.

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Nigeria records ₦27b foreign portfolio deficit in Q1

May 5, 2019 10:18 pm

Nigeria suffered a net deficit of N26.6 billion in foreign portfolio transactions in the first quarter (Q!) of this year amidst fears of political and macroeconomic uncertainties.

A report on foreign portfolio investments (FPIs) obtained over the weekend indicated that the country recorded a negative balance of N26.6 billion in inflow and outflow transactions by foreign portfolio investors in Q1 as against a positive balance of N30.88 billion recorded same period last year.

The report also showed that foreign portfolio transactions dropped by N159.95 billion in Q1, representing a decrease of 41.89 per cent from the turnover in Q1 of …

NNPC: Nigeria daily oil production reaches 2.3mbpd – Baru

132 firms offer to buy 14 cargoes of Nigerian crude monthly

May 2, 2019 12:52 pm

132 local and international companies on Thursday offered to buy 14 cargoes of Nigerian crude oil monthly in the Nigerian National Petroleum Corporation (NNPC) 2019/2020 Direct Sale and Direct Purchase bid opening ceremony in Abuja.

The Group Managing Director (GMD) Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who presided over the opening, said that the corporation would receive about 14 billion litres in a year as exchange for the crude.

“Well, we are looking about 14 cargoes a month kind of situation and about 14billion litres of in a year of products,” he said.

He said the occasion marked …

Shell plans $15bn investments in Nigeria

April 6, 2019 2:49 am
To power over 1.2 million homes with Ohaji gas project

The Shell Petroleum Development Company (SPDC) yesterday said that it would be expending about $15 billion across 24 oil and gas projects in Nigeria in the next five years.
Speaking at 2nd Nigeria Oil and Gas Opportunity Fair (NOGOF), concluded in Yenagoa, Bayelsa State, Managing Director of Shell, Mr. Nosa Okunbor, who spoke on the need for Nigerians to take advantage of the opportunities in the oil industry, also said that the oil giant would, in the next five years, surpass a 70 per cent target in the deployment of

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