Monday, December 10, 2018

Tag "MTN"

    We slashed MTN fine to encourage foreign investments, says FG

We slashed MTN fine to encourage foreign investments, says FG

Adebayo Shittu, minister of communications, on Sunday said the $5.2billion fine slammed on telecommunication giant, MTN, was reduced to encourage foreign investments in the country.Shittu said this in Ibadan at an award ceremony in honour of Lekan Balogun, the Otun Olubadan of Ibadanland.He said the federal executive council (FEC) decided to reduce the penalty against the telecommunications giant after realising [...]

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    Reps say slashing MTN fine illegal, summon AGF, NCC boss

Reps say slashing MTN fine illegal, summon AGF, NCC boss

The house of representatives committee on communications says slashing MTN Nigeria’s fine from N1.4 trillion to N330 billion is illegal.The committee, led by Saheed Akinade-Fijabi, has summoned the Umar Danbatta, a professor and the executive vice chairman of Nigerian Communications Commission (NCC); Adebayo Shittu, minister of communications; and Abubakar Malami, minister of justice and attorney-general of the federation.According to Akinade-Fijabi, [...]

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    MTN agrees to pay N330bn over 3 years

MTN agrees to pay N330bn over 3 years

After an eight month long negotiation, the federal government has slashed the fine imposed on MTN to N330 billion, and the organisation has agreed to pay the amount.The sum is a third of N1.04 trillion penalty MTN got from the Nigerian Communications Commission (NCC) for failing  to comply with a directive to disconnect 5.1 million improperly registered lines.According to Tony Ojobo, [...]

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    House of reps probe, uncertainties ‘sink’ MTN shares

House of reps probe, uncertainties ‘sink’ MTN shares

MTN Group shares fell after the house of representatives suspended the negotiation of the company’s outstanding $3.9 billion fine, brewing uncertainties.The stock declined as much as 2.9 percent, the most since May 12, trading 1.5 percent lower at 126.50 rand Monday morning, valuing the company at $15 billion (233 billion rand), Bloomberg is reporting.The shares have plunged almost 35 percent [...]

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    NCC suspension over, MTN can now review tariff plans

NCC suspension over, MTN can now review tariff plans

MTN Nigeria on Tuesday confirmed that it had received permission of the Nigerian Communications Commission (NCC) to either raise or reduce its tariff plans.In a statement obtained by TheCable, MTN group said NCC lifted suspension on regulatory services, which was imposed in October 2015.“We refer to our SENS announcement dated 3 March 2016 where we noted that regulatory services to MTN [...]

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    You’re treading on a tiger’s back, reps warn MTN

You’re treading on a tiger’s back, reps warn MTN

Johnson Agbonayinma, a member of the telecommunications committee of the house of representatives, says MTN “is treading on a tiger’s back”.Expressing dissatisfaction with the refusal of Ferdinand Moolman, MTN’s chief executive officer (pictured), to honour the summons of the committee, he said Nigeria's interest in attracting investors should not encourage disregard for the law.He said the house had mandated the [...]

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    We are still negotiating with FG, says MTN

We are still negotiating with FG, says MTN

Ferdi Moolman, chief executive officer of MTN Nigeria, says the company is still negotiating with the federal government over the fine imposed on it by the Nigerian Communications Commission (NCC).Moolman described the reports that the telecommunications outfit had proposed N300 billion payment as premature.“The management of MTN Nigeria is aware of the reports on the settlement negotiations,” he said in [...]

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    N’assembly: MTN fine ‘already’ part of government revenue

N’assembly: MTN fine ‘already’ part of government revenue

The national assembly has revealed that it projected the N1.04 trillion MTN fine as part of federal government revenue, insisting that MTN must pay in full.Speaking at the house of representatives telecoms committee meeting with ministry of communications, Sajeed Fijabi, chairman of the committee, said MTN wanted to circumvent the law.“There is nowhere in the law that says there is [...]

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    MTN aided Boko Haram killings, says Buhari

MTN aided Boko Haram killings, says Buhari

President Muhammadu Buhari has broken his silence on the fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC), saying the telecommunications "contributed to the casualties" recorded during Boko Haram attacks.Speaking on Tuesday during a joint press conference at the end of a closed-door meeting with President Jacob Zuma of South Africa, who is on a two-day visit to the country, [...]

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    Alibaba: Were Mandela alive, SA would have sent him to beg for MTN

Alibaba: Were Mandela alive, SA would have sent him to beg for MTN

Atunyota Alleluya Akporobomerere, a Nigerian comedian better known as Alibaba, is of the opinion that Jacob Zuma, South African president, is coming to Nigeria to negotiate the penalty issued to MTN by the Nigerian Communications Commission (NCC).Describing himself as more than a comedian, he shared his prediction of the situation between NCC and MTN on his social media account.“When people call [...]

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    No plans to get listed on NSE, says MTN

No plans to get listed on NSE, says MTN

MTN group, one of Africa’s largest telecommunications network, says it has no plans to get listed on the Nigerian Stock Exchange (NSE).The company denied media reports saying it was planning to get listed in Nigeria, adding that only MTN Nigeria, not the MTN group, could be listed on the NSE.Chris Maroleng, corporate affairs executive of MTN Group, released a statement [...]

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    MTN Nigeria sets aside N120bn for NCC fine

MTN Nigeria sets aside N120bn for NCC fine

MTN Nigeria has set aside N120 billion (R9.287 billion) for the settlement of a N780 billion fine imposed on it by the Nigerian Communications Commission (NCC).The group, in its 2015 fiscal year final results, saw its profit per share lose 51 percent, while its revenue marginally increased by 0.1 percent.“MTN Nigeria recorded a R9,287 million (N120 billion) provision for the [...]

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    Zuma ‘could discuss’ MTN fine with Buhari

Zuma ‘could discuss’ MTN fine with Buhari

The federal government will soon hold talks with MTN Nigeria to finalise the negotiation of the fine imposed on the telco by the Nigerian Communications Commission (NCC).The regulatory agency slammed a N1.04 trillion fine on MTN for failing to deactivate 5.1 million unregistered SIM cards and later reduced the fine to N780 billion after the first round of negotiations.According to [...]

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    NCC imposes fresh fine on MTN

NCC imposes fresh fine on MTN

The Nigerian Communications Commission (NCC) has imposed a fine of N12 million on MTN Nigeria for breach of the Mobile Number Portability (MNP) business rules and regulations.The regulatory body also slammed a sanction of N22 million against Globacom Ltd (Glo) over the same offence.This was revealed in NCC’s 2015 Q4 compliance monitoring and enforcement report.In its Q3 report, NCC had [...]

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    Rickey Tarfa withdraws N5bn suit against EFCC

Rickey Tarfa withdraws N5bn suit against EFCC

Rickey Tarfa, a senior advocate of Nigeria (SAN), has withdrawn the N5 billion suit he filed against MTN Nigeria, the Economic and Financial Crimes Commission (EFCC) and three others.The anti-graft agency arrested him on February 5 for allegedly shielding two suspects from justice, and he was arraigned in court.However, in the suit filed before a Lagos high court, Tarfa accused [...]

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    Nigerian market cut our profit by 20%, says  MTN

Nigerian market cut our profit by 20%, says  MTN

MTN Group, South African telecommunications giant, says its full-year profit is expected to fall by at least 20 percent due to its weak performance in the Nigerian market.MTN, as quoted by Reuters, said the profit warning did not include a $3.9 billion fine imposed Nigerian authorities in 2015 for failing to cut off unregistered SIM card users.The company added that [...]

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Exchange Rates

December 07, 2018USDGBPEUR
INTERBANK306397354
LAGOS360467411
KANO358465415
PH360466412
ABUJA359465413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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