MTN Nigeria has dragged the Kogi state government to court over the lockdown of its base station in Lokoja, the state capital, since January 23.Tobechukwu Okigbo, MTN’s corporate relations executive, on Tuesday, announced that the telco is suing the state government N5 million for damages.The state government had shut down the station, leading to a disruption in services, over the alleged failure [...]
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MTN Nigeria has paid the sum of $53 million (N19.2 billion) to settle a dispute with the Central Bank of Nigeria (CBN) over alleged irregularities of repatriated funds.Godwin Emefiele, CBN governor, made the disclosure during the apex bank’s monetary policy committee (MPC) meeting in Abuja on Tuesday.Emefiele said the money paid by MTN was a “notional sum” and that the [...]
The Nigerian Communications Commission (NCC) has guaranteed that telecommunications subscribers in the country will enjoy uninterrupted service. The assurance was given by Sunday Dare, NCC’s executive commissioner for stakeholder management. The commission had on Tuesday served a pre-disconnection notice to eight telecommunications companies over interconnect and facility debts owed Airtel, MTN and IHS. Dare said although the level of debt is “embarrassingly high”, the [...]
The Nigerian Communications Commission (NCC) has granted approval to Airtel, MTN and IHS to disconnect eight telecommunications operators over non-settlement of interconnect and facility charges.The commission gave the approval in a notice dated December 18, in line with the Nigerian Communications Act 2003.Interconnect debt arises when an operator fails to settle the cost of termination of service rendered to it [...]
BY CHARLES AKPEJIPiqued by the high rate of malnutrition in the north-eastern parts of Nigeria, the United Nations Children's Fund (UNICEF) has suggested that adequate attention should be given to the nutrition of women especially pregnant women to reduce severe and acute malnutrition .Journalists as also advocated by them, should as well come together in leadership to take actions on [...]
HSBC, one of the biggest financial services organisation in the world, says Zainab Ahmed, Nigeria's finance minister's comments are encouraging for the growth and valuation of MTN Group.In one of it investor advisory reports published in November, HSBC said the minister's comment at the 24th Nigerian Economic Summit (NES24) is a positive development for the telco.HSBC highlighted three positive developments, for [...]
Rob Shuter, the chief executive officer at MTN Group, says the group will acquire an independent banking licence in Nigeria by 2019.Speaking at a telecoms conference in Cape Town, South Africa on Tuesday, the MTN CEO said it will put in an application in December and should lunch the bank in second quarter 2019.“We will be applying for a payment service [...]
MTN Nigeria is seeking N3 billion in damages and legal costs from the federal government.The telco is challenging the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it.NAN reports that Wole Olanipekun, MTN’s lead counsel, on Thursday informed the federal high court of the various processes filed before it and served on respective parties [...]
MTN Nigeria says it will use the report of the 2016 senate investigation against the Central Bank of Nigeria in court. The court hearing of the case is already before the federal high court in Ikoyi. Saliu Saidu, the judge presiding over the case, after hearing submissions from lawyers on both sides on Tuesday adjourned the matter till December 4, 2018. "At the adjourned hearing in [...]
Aliko Dangote, Africa's richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria's gross domestic product (GDP).The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company's investment is responsible for much more than his net worth.According to the World Bank, Nigeria's GDP stood [...]
MTN, Nigeria's biggest telecommunications operator, says it has recorded a 2.5 million increase in user base, despite challenges in its biggest market, Nigeria.According to its latest report released on Monday, MTN said it added 2.5 million new subscribers to hit 225.4 million users in the quarter ended September, 2018.The company added that its mobile money customers grew by 1.7 million [...]
Zainab Ahmed, minister of finance, says the federal government's sanctions on MTN damaged Nigeria's reputation among foreign investors.Speaking at the 24th Nigerian Economic Summit in Abuja on Tuesday, the minister said the Central Bank of Nigeria is working closely with MTN to resolve the issues around the latest sanctions.Ahmed said some of the positions of the government was taken, so [...]
MTN Nigeria has told the federal high court sitting in Lagos that the Central Bank of Nigeria (CBN) does not have the power to impose sanctions on it, according to court papers sourced by TheCable.MTN also said it was not accused of any wrongdoing or invited to be a part of an investigation commissioned against it by the banking regulator.It [...]
MTN Nigeria is exploring ways of getting the public to trade its shares without listing on the Nigerian Stock Exchange (NSE) via the initial public offering (IPO).Ralph Mupita, MTN's chief financial officer, said the company will not get a fair price for its shares under the current market conditions.MTN recently had a dispute with the Central Bank of Nigeria (CBN) [...]
The Central Bank of Nigeria (CBN) recently called out MTN, Nigeria’s largest telecommunications company, over repatriation of dividends, asking the telco to refund the $8.1 billion.Four banks were fined N5.8 billion for allegedly issuing irregular certificates of capital importation (CCI) to the company which made the repatriation possible.There seems to be some form of resolution in sight as the CBN is now reviewing [...]
Ralph Mupita, MTN's chief financial officer, says the recent sanctions placed on it by the Central Bank of Nigeria will make its planned listing on the Nigerian Stock Exchange challenging.CBN had ordered MTN to repatriate $8.1 billion claiming that the funds were taken outside the country without proper certification.The attorney general of the federation has also requested that the company [...]
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