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 [...]
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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 [...]
The Nigerian Communications Commission (NCC) says it hopes that there will be an amicable resolution between the Central Bank of Nigeria and MTN.The financial regulator had ordered MTN to refund the $8.1 billion it repatriated from the country, saying the funds were allegedly taken out of the country using irregular certificates of capital importation.Speaking on Tuesday at the ongoing ITU [...]
Rob Shuter, MTN's chief executive officer, says Africa is not ready for 5G network adding that most phones in Africa worked fine on just 3GSpeaking at a telecoms conference in Durban on Tuesday, Shuter said Africa is likely to be ready for the super-fast technology in about five years from now.5G networks, now in the final testing stage, will rely on [...]
Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]
It seems MTN is never too far from the speed dial to trouble. Three years ago, the telco, which has the dominant share of the mobile telecoms market in Nigeria, was slammed with a $5.2 billion fine for failing to disconnect 5.1 million subscribers after the registration deadline.After a back-and-forth, a bloodied nose and a shake-up in which the Chief Executive Officer [...]
MTN, Nigeria's largest telecommunications company, lost 999,891 subscribers between June and July.According to the latest industry statistics released by the Nigerian Communications Commission (NCC), the total number of active lines decreased by 881,586.Central Bank of Nigeria (CBN) recently ordered MTN to refund $8.1 billion it allegedly repatriated through illegal means.Globacom's subscribers increased by 214,646 while Airtel's subscribers increased by 149,880.9mobile's [...]
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