Wednesday, November 21, 2018

Tag "MTN"

    NAFDAC slams N1bn fine on Guinness

NAFDAC slams N1bn fine on Guinness

The National Agency for Food and Drug Administration and Control (NAFDAC) has imposed a fine of N1 billion on Guinness Nigeria Plc for allegedly re-validating expired raw materials without approval, Punch has reported.The agency also accused the company, which has been operating in Nigeria since 1962, of maintaining poor documentation and not complying with some of its regulations.The local unit of Diageo was given [...]

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    We may pay less than N1.04tr, says new MTN CEO

We may pay less than N1.04tr, says new MTN CEO

Phuthuma Nhleko, the new chief executive officer (CEO) of MTN Group, has hinted that the telecommunications company may not pay the entire N1.04tr fine of the Nigerian Communications Commission (NCC).Nhleko was named CEO of MTN after Sifiso Dabengwa stepped down as the chief executive officer on Monday.“I can't say whether we'll pay the whole fine. I don't want to negotiate [...]

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    Bruce: NCC fine damaging Nigeria more than MTN

Bruce: NCC fine damaging Nigeria more than MTN

Ben Murray Bruce, chairman senate committee on privatisation, has condemned the N1.04tr ($5.2bn) fine imposed on MTN Nigeria, saying it hurts Nigeria more than the telecommunications firm.The fine imposed by the Nigerian Communications Commission (NCC) was referred to by the senator as “probably the most damaging action ever taken against Nigeria's drive for Foreign Direct Investment”.“MTN is not without fault [...]

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    MTN ‘wants’ NCC fine reduced to N208bn

MTN ‘wants’ NCC fine reduced to N208bn

MTN Group is attempting a review of Nigerian Communications Commission (NCC) N1.04tr fine against it to N208bn while it works the Nigerian banking sector for loans to offset the it.Adesoji Solanke, head of research, Renaissance Capital (RenCap) in Nigeria, revealed this in his note to clients on Wednesday.“MTN is pushing to reduce the fine by 60 percent to 80 percent,” [...]

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    NCC renews MTN’s licence after N1.04tr fine

NCC renews MTN’s licence after N1.04tr fine

MTN Nigeria has announced the renewal of its operating spectrum and digital mobile licence by the Nigerian Communication Commission (NCC).Both were meant to expire in February 2016 but have been extended to August 31, 2021."We view this extension as a demonstration of confidence in MTN’s capacity to continue to provide ground-breaking and innovative services to its customers," MTN's corporate affairs [...]

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    MTN resumes JSE trading after brief suspension

MTN resumes JSE trading after brief suspension

MTN group has resumed trading on the Johannesburg Stock Exchange (JSE), after an initial suspension on Monday.The telecommunications company’s shares were halted few minutes before 11am on Monday, following controversies regarding its N1.04tr fine by the Nigerian Communications Commission (NCC).But MTN resumed trading at 1:40 pm, with warning to shareholders and investors to be cautious in dealing with the futures of [...]

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    JSE suspends MTN shares after meltdown

JSE suspends MTN shares after meltdown

The Johannesburg Stock Exchange (JSE) has suspended trading in MTN group’s shares, following a loss of N1.048 trillion in its market worth after the Nigerian Communications Commission (NCC) N1.04tr fine.MTN was fined on N1.04tr for failure to disconnect 5.1 million unregistered subscribers within the stipulated deadline.Immediately after the fine, MTN stock took a red turn, the company experiencing over 12 percent [...]

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    MTN gets 2-week ultimatum to pay N1.04trn fine

MTN gets 2-week ultimatum to pay N1.04trn fine

The Nigerian Communications Commission (NCC) has given MTN Nigeria an ultimatum of two weeks to pay the N1.04 trillion fine imposed on the mobile phone company for failure to cut off users with unregistered SIM cards.Tony Ojobo, NCC spokesman,told Reuters that MTN had until November 16 to make the payment, but the two sides were in talks to resolve the [...]

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    Nigerian economy records ‘worst week’ since 2008

Nigerian economy records ‘worst week’ since 2008

In 2008, the world experienced an economic recession, which had devastating effect on millions.One year after, the economy began to take shape, with that of Nigeria experiencing a steady gross domestic product (GDP) growth, which went as high as six percent in 2014.But with low GDP forecast, controversial foreign exchange policy, subsidy weight and strange sanctions, it is glaring that [...]

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    S’African govt ‘in talks with NCC’ over N1.04tr fine

S’African govt ‘in talks with NCC’ over N1.04tr fine

South African government officials met with the Nigerian Communications Commission (NCC) over the N1.04 trillion fine imposed on MTN.According to Reuters, the meeting was aimed at reviewing the decision, which threatens MTN’s existence in the Nigerian economy.“The federal government at the presidential level is holding a meeting with MTN and the NCC. The main thing on the agenda is the [...]

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    MTN shares hit 7-year low after N1.04trn fine

MTN shares hit 7-year low after N1.04trn fine

MTN Group, one of the largest telecommunications company in Africa, has experienced a further decline in its shares, which have now hit the biggest three-day drop in seven years.MTN’s shares plunged about 19 percent this week in Johannesburg, leaving the company valued at about $21 billion (288 billion rand), which represents a loss of about $2 billion worth in less than 72 hours.The [...]

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    ‘Impossible. MTN cannot pay N1.04trn NCC fine’

‘Impossible. MTN cannot pay N1.04trn NCC fine’

It is impossible for MTN Nigeria to pay the N1.04 trillion fine it incurred from the Nigerian Communications Commission (NCC) for alleged breach of SIM registration rules, TheCable has been told.On Monday, Umar Danbatta, chief executive officer of NCC, approved punitive sanctions totalling N1.04 trillion ($5.2bn) against MTN Nigeria for SIM registration breach.The sanction, which is the largest in Nigeria’s [...]

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    Tsaboin Traffic Talk to deploy more cameras across Lagos

Tsaboin Traffic Talk to deploy more cameras across Lagos

Tsaboin Traffic Talk, foremost traffic report app and Nigeria’s biggest traffic-monitoring site, has unveiled plans to deploy more cameras in easing up traffic in Lagos.Dele Odufuye, CEO of Tsaboin Traffic Talk, who spoke at a press conference in Lagos, said the traffic-monitoring firm is in the forefront of providing traffic through free live feeds from cameras installed in strategic locations [...]

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    Artiste demands N500m from MTN for ‘copyright infringement’

Artiste demands N500m from MTN for ‘copyright infringement’

Omenuwoma Okson Dovie, better known by his fans as Baba 2010, is demanding a N500 million compensation from telecommunications firm MTN, for alleged copyright violations.In a statement released by Felix Igelige and associates, Baba 2010 accused MTN of violating his copyright to four songs and also infringing on his moral rights.“For about three years, MTN has been selling the four songs (Gentleman, [...]

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    Google launches AndroidOne in Nigeria, 5 countries

Google launches AndroidOne in Nigeria, 5 countries

Global technology giant, Google, has launched its latest smartphone programme, AndroidOne in Nigeria, Egypt, Ghana, Ivory Coast, Kenya and Morocco.AndroidOne is an initiative to make high-quality smartphones available to millions of people in Asia, Africa and other parts of the world.In Nigeria, Google launched the programme on Tuesday in collaboration with mobile phone manufacturer, Infinix; mobile operator, MTN and online retail [...]

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    NCC names Glo fastest-growing operator

NCC names Glo fastest-growing operator

Telecommunications firm Globacom recorded the fastest growth in the sector in the second quarter of 2015, the Nigerian Communications Commission (NCC) has said. According to the mid-year report of the commission, Globacom surpassed other telecoms companies by recording a growth rate of 5.86 per cent at the end of the second quarter.The report shows that Globacom increased its subscriber figure from 25,177,125 [...]

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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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