Sunday, November 18, 2018

Tag "MTN"

    MTN to FG: Re-opening $2bn tax arrears claim ‘is sad’

MTN to FG: Re-opening $2bn tax arrears claim ‘is sad’

The management of MTN Nigeria has responded to the allegations of a $2 billion tax debt by the office of the attorney general of the federation (AGF).In a statement released on Tuesday and signed by Funsho Aina, the company's public relations manager, MTN said it is "regrettable and disconcerting" that the case has been reopened despite multiple tax assessments carried [...]

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    MTN shares plunge to nine-year low after CBN sanction

MTN shares plunge to nine-year low after CBN sanction

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]

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    NCC: MTN must complete NSE listing by May 2019

NCC: MTN must complete NSE listing by May 2019

The Nigerian Communications Commission (NCC) says MTN, a telecommunications company, must complete its listing on the Nigerian Stock Exchange by May 2019.Speaking during an interactive session with journalists on Wednesday, Umar Danbatta, NCC executive vice chairman, said the commission is conducting fresh due diligence on Teleology, the preferred bidder for 9mobile.A listing on the stock exchange had been one of [...]

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    Airtel, 9mobile oppose transfer of Visafone’s spectrum to MTN

Airtel, 9mobile oppose transfer of Visafone’s spectrum to MTN

Airtel and 9mobile, mobile network operators in the country, have opposed the transfer of an 800MHz from Visafone Communications to MTN Nigeria.Speaking in Abuja on Monday at a public inquiry organised by the Nigerian Communications Commission (NCC), representatives of the operators said transferring the spectrum to MTN could result in a monopoly.Chidozie Arinze, 9mobile's head of regulatory affairs, said spectrum [...]

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    Glo, 9mobile lose internet subscribers as active mobile lines hit 160m

Glo, 9mobile lose internet subscribers as active mobile lines hit 160m

Data made available by the Nigerian Communication Commission (NCC) show that Globacom and 9mobile lost 471,782 internet subscribers between March and April.According to the monthly subscribers' operator data posted on its website on Monday, the number of active mobile telephone lines increased by 11 million to stand 160 million.Internet users increased to 101.2 million in April from the 100.6 million [...]

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    MTN to raise N400bn on NSE after listing

MTN to raise N400bn on NSE after listing

Ralph Mupita, chief financial officer at MTN Nigeria, says the company hopes to raise N400 billion from its debt issuance when it gets listed on the Nigerian Stock Exchange later in the year.Speaking in a Bloomberg interview, Mupita said the proceeds will be used to fund local investment and replace existing debt.Getting listed on the stock exchange had been one [...]

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    Chapel Hill appointed to handle MTN’s $5.2bn listing in Nigeria

Chapel Hill appointed to handle MTN’s $5.2bn listing in Nigeria

Telecoms giant MTN has appointed Chapel Hill Denham as one of the three brokers for its initial public offering (IPO) on the Nigerian stock market.The Nigerian financial firm will work alongside Renaissance Capital and Rand Merchant Bank, with Citigroup and Standard Bank serving as coordinators.MTN has not decided what portion of the subsidiary to sell, as it targets $400 million, [...]

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    MTN: If conditions are right, we’ll list on NSE in 2018

MTN: If conditions are right, we’ll list on NSE in 2018

Rob Shuter, the chief executive officer of MTN, says the company will list on the Nigerian Stock Exchange in 2018 if the conditions are appropriate.Shuter made this known on Tuesday while speaking in Lagos after signing a partnership on mobile banking with Ecobank.Listing on the NSE  had been one of the conditions stipulated by the Nigerian Communications Commission (NCC) after MTN [...]

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    MTN shakes off $1bn fine, anticipates profit

MTN shakes off $1bn fine, anticipates profit

MTN Group Limited says it is anticipating a profit in its 2017 financial statement, adding that it has recovered from a $1 billion fine it paid for its Nigerian unit.In a statement, the company which is Nigeria's largest telecommunications network, said the financial statement would cover 12 months for the period ended December 31, 2017.The company announced that it lost [...]

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    MTN missing as Airtel, Glo, Smile make final five to buy 9mobile

MTN missing as Airtel, Glo, Smile make final five to buy 9mobile

MTN Group did not make it to the final five companies in the bid for 9mobile, TheCable can report.The top five bidders who made it to the next stage of the bid are Airtel, Globacom, Smile, Helios, and Teleology Holdings Limited. Out of the five, one will be the eventual buyer in a matter of weeks.In a memo seen by [...]

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    Senate clears MTN of $13bn illegal repatriation allegation

Senate clears MTN of $13bn illegal repatriation allegation

The senate says it did not find proof that MTN contravened any foreign exchange law by taking a large sum of money outside the country.In 2016, Dino Melaye, senator representing Kogi West district, had accused the telecommunications company of illegally taking $13.9 billion to its parent company in South Africa over a period of 10 years.Melaye had said MTN transferred [...]

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    NCC summons telco CEOs to Abuja, mulls prosecution over sale of pre-registered SIM cards

NCC summons telco CEOs to Abuja, mulls prosecution over sale of pre-registered SIM cards

The Nigerian Communications Commission (NCC) has summoned chief executive officers (CEOs) of major telecommunications companies in the country to its headquarters in Abuja.TheCable learnt that the commission took this step as a result of several complaints about pre-registered and fraudulently registered SIM cards being used for acts amounting to breach of security, criminality and fraud.A source said Umar Danbatta, executive [...]

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    MTN, Airtel among 16 firms ‘bidding to acquire 9mobile’

MTN, Airtel among 16 firms ‘bidding to acquire 9mobile’

Sixteen firms have launched a bid to acquire 9mobile, Nigeria’s fourth largest network operator, according to ThisDay.In July, Etisalat Group disclosed on the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, formerly known as Etisalat Nigeria.The telco had defaulted on a loan repayment scheme of $1.2 billion due a consortium of 13 local banks, citing economic downturn and [...]

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    MTN appeals N4.8bn judgment in ‘wrongful employment termination’ case

MTN appeals N4.8bn judgment in ‘wrongful employment termination’ case

MTN, telecommunication giant, says it has approached a higher court to set aside a judgment by National Industrial Court against it.On Wednesday, Oyepoju Oyewumi, justice of the Ondo division of the court, asked the company to pay Paul Odunewu, a former network group operations manager of the company, N4.8 billion for alleged wrongful termination of his appointment.Odunewu had filed a [...]

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    Okigbo joins MTN as corporate relations executive

Okigbo joins MTN as corporate relations executive

The management of MTN Nigeria says it has appointed Tobechukwu Okigbo as its corporate relations executive.The company in a statement said the appointment is to provide deep insight on strategy and drive targeted engagement with critical stakeholders.MTN said Okigbo will lead its approach towards enhancing its corporate reputation and projecting its corporate citizenship status."Reputed for his exemplary work ethic and result-oriented [...]

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    After turbulence, MTN records significant profit

After turbulence, MTN records significant profit

MTN Group, South African telecommunications company, says it has recovered from the losses suffered in 2016 and recorded profit in the first half of 2017.In 2016, the company recorded its first loss in its 22 years existence and blamed the N330 billion regulatory fine imposed on it by the federal government for the loss.The Nigeria Communication Commission (NCC) imposed the fine [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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