Saturday, July 20, 2019

Tag "MTN"

    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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    Rwanda slams $8.5m fine on MTN for ‘regulatory breach’

Rwanda slams $8.5m fine on MTN for ‘regulatory breach’

Rwanda Utilities Regulatory Authority (RURA) has fined MTN Rwanda, a division of the South African telecommunications company, $8.5 million for hosting its IT services outside the country.In a statement on its website, the telecommunications regulator said MTN breached its license by running its IT services in Uganda."MTN Rwanda provided services in contravention of enforcement notice and directives issued by the [...]

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    GSM operators lost 1.66m subscribers in March

GSM operators lost 1.66m subscribers in March

The Nigerian Communications Commission (NCC) says Global System for Mobile Communications (GSM) network operators in Nigeria lost 1.66 million subscribers in March.According to the subscriber data released on the commission's website, all GSM operators, excluding Globacom recorded a decline in subscribers.NCC said the active telecommunications service customers, which was 154,120,484 in February, declined to 152,467,198 in March 2017.A total of [...]

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    MTN Nigeria revenue jumps by 11.6% despite drop in customers

MTN Nigeria revenue jumps by 11.6% despite drop in customers

Despite a 2.3 percent decline in MTN Nigeria subscriber base, the company's revenue has increased by 11.6 percent in the first quarter of 2017.MTN Nigeria says it "had a strong start to the year with an 11.6% increase in total revenue, supported by a 71.3% boost in data revenue".It adds that while the momentum is encouraging, the ongoing review of [...]

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    MTN: Why we sacked some of our workers

MTN: Why we sacked some of our workers

MTN, telecommunications giant, says it sacked some of its workersin order to increase opportunities for professionals with fresh perspectives.There had been reports that the company terminated the appointments of over 200 workers.In a statement signed by Funsho Aina, company's spokesman, MTN said the workers who have worked with the company for more than five years were allowed to pursue other [...]

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    MTN: UNIPORT is a breeding ground for future leaders

MTN: UNIPORT is a breeding ground for future leaders

MTN Nigeria says the University of Port Harcourt (UNIPORT) is one of Nigeria's foremost breeding grounds for future leaders, assuring students and leadership of the university of its unwavering support.During a visit to the school, Mohammad Siddiqui, chief operating officer of the telco, pledged the commitment of the company to supporting the development of the country’s education sector.Siddiqui said education [...]

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    MTN ‘pays another N30bn’ to FG

MTN ‘pays another N30bn’ to FG

MTN has remitted N30 billion to the federal government in part settlement of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards, Reuters said quoting a source.Having paid N80 billion in December, the current payment brings the amount paid out of the fine to N110 billion.The fine is due for payment in six instalments [...]

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Exchange Rates

July 12, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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