Economy
Train-7: Rivers Assures Investors Project Safety
By Adedapo Adesanya
The Rivers State Government has assured investors of the safety of the $10 billion Train-7 project of the Nigeria Liquefied Natural Gas Limited, saying the successful commencement was enough proof that the state was safe contrary to negative opinions.
The fear was allayed by Governor Nyesom Wike during a courtesy call by the Ambassador of the Republic of Korea to Nigeria, Mr Kim Young-Chae, at the Government House, Port Harcourt.
The Governor explained that it was impossible for investors to stake $10 billion for the project if the state was insecure as peddled by those he described as enemies of the state.
He disclosed that prior to the take-off of the NLNG Train 7 project, he held meetings with the Managing Director of Daewoo and Saipem and they were quite satisfied with the level of security in the state.
“Rivers State is one of the safest states in this country today. Get the security statistics from the police, from the State Security Service, from the military, they will tell you so.
“When people say Rivers State is one of the most unsafe states, you then ask them where did you get your statistics from.
“You and I know if there is insecurity today, NLNG Train 7 cannot take place because that is one of the biggest investments in this country today, a $10 billion investment. Nobody can make that kind of investment to a state where there is so much insecurity,” he said.
Speaking on the issue of unemployment, the Governor explained that if the national economy was not stable, it will invariably affect the sub-nationals.
“If the national economy is booming, then there is the tendency that the component units’ economy will also boom. So, people who do not have an idea of the economy will come up to say that there is so much unemployment in the state.”
Mr Wike expressed the willingness of the Rivers State government to partner with the Republic of Korea in agriculture, technical education and medicine.
The Governor observed that most countries are now depending less on oil as a major source of revenue, adding that the state was focusing on agriculture by establishing a cassava processing company.
He remarked that the state government is willing to provide all necessary documentation, land and give all the necessary waivers and incentives to Korean investors wishing to invest in the agricultural sector in Rivers State.
On his part, the Korean Ambassador to Nigeria, Mr Young-Chae, affirmed that the purported insecurity in Rivers State and some other parts of the country was exaggerated by the media.
Mr Young-Chae disclosed that the political stability of Nigeria remains a key determinant factor for Korean companies willing to invest in Nigeria.
He also stated that contrary to negative media reports, he felt safe visiting Rivers, Bayelsa, Adamawa, Ogun and others states in the country.
“The biggest concern for Korean companies is political stability. So, political stability is key for Korean companies to decide investment in Nigeria. We want to see continuous political stability in Nigeria and that is what I have seen here (Rivers),” the envoy stated.
Mr Young-Chae said Korea was seeking more economic cooperation with Rivers State and the rest of the country in the areas of construction, oil, gas, agriculture, fishery and even cosmetic, medicine, pharmaceutical products.
He declared his readiness to help Nigerian companies penetrate into Korean and East Asian markets which combined Gross Domestic Product (GDP) now surpass that of Europe and North America respectively
By Adedapo Adesanya
MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to buy approximately 75 per cent of shares in IHS Holding Limited (IHS Towers) that it does not already own.
The move would give the South African telco full control of IHS, which is the leading independent tower operator in several of its key markets, providing colocation services and supporting the expansion of mobile networks in regions with growing demand for digital connectivity.
In a cautionary announcement to investors on Thursday, MTN confirmed it is considering a transaction to acquire the remaining stake in the New York Stock Exchange-listed IHS, following recent market speculation.
The potential offer price would be “at a level near the last trading price” of IHS shares on the NYSE as of February 4, 2025, a period when the stock has seen a sharp rise in recent months, reflecting renewed investor confidence in the sector.
No binding agreement has been reached, and MTN emphasised there is no certainty that the deal will proceed.
However, if completed, the transaction could materially impact MTN’s share price, prompting the company to advise shareholders to exercise caution in trading until further updates.
MTN already holds a significant stake in IHS and maintains a deep operational partnership across multiple African markets.
Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback deals, including a major transaction in South Africa in 2022 involving over 5,700 towers.
These arrangements allowed MTN to free up capital from infrastructure while securing long-term tower access via master lease agreements.
A full buyout would represent a dramatic strategic pivot for MTN, effectively bringing tower infrastructure back in-house after years of outsourcing to specialised operators like IHS.
MTN has previously voiced concerns about corporate governance at IHS, adding context to its cautious approach in the announcement.
If the deal falls through, MTN said it would continue exploring options to unlock value from its IHS investment, consistent with its disciplined capital allocation strategy.
The potential acquisition underscores the evolving dynamics in Africa’s telecom infrastructure sector, where operators weigh the benefits of owning versus leasing critical assets amid rising data demands and economic pressures.
By Adedapo Adesanya
For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange ended in the green territory, rising further by 0.77 per cent on Thursday, February 5.
Two price gainers helped the bourse to rally during the session, with the market capitalisation up by N16.87 billion to N2.197 trillion from N2.180 trillion and the NASD Unlisted Security Index (NSI) up by 3.18 points to 3,672 points from the 3,644.48 points in the midweek session.
The advancers’ group was led by Central Securities Clearing System (CSCS), which added N3.70 to sell at N48.67 per share versus the previous day’s N44.97 per share, and Afriland Properties Plc expanded by N1.01 to N15.01 per unit from N14.01 per unit.
It was observed that the alternative stock exchange recorded two price losers led by Geo-Fluids Plc, which further lost 51 Kobo to sell at N4.75 per share versus Wednesday’s closing price of N5.26 per share, and Industrial and General Insurance (IGI) declined by 6 Kobo to 59 Kobo per unit from 65 Kobo per unit.
During the session, the volume of securities transacted by investors slid by 51.9 per cent to 1.2 million units from 2.5 million units, the value of securities went down by 32.0 per cent to N12.0 million from N17.7 million, and the number of deals increased by 27.8 per cent to 23 deals from 18 deals.
At the close of trades, CSCS Plc was the most traded stock by value on a year-to-date basis with 16.2 million units exchanged for N659.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units traded for N117.8 million, and Geo-Fluids Plc with 12.3 million units valued at N79.1 million.
CSCS Plc remained the most active stock by volume on a year-to-date basis with 16.2 million units sold for N659.9 million, trailed by Mass Telecom Innovation Plc with 13.6 million units valued at N5.5 million, and Geo-Fluids Plc with 12.3 million units worth N79.1 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded another milestone after it further closed higher by 1.18 per cent on Thursday amid renewed confidence in the market.
The All-Share Index (ASI) crossed the 170,000-point threshold during the session as it added 1,975.18 points to the preceding day’s 168,030.18 points to settle at 170,005.36 points.
Also yesterday, the market capitalisation of Customs Street was up by 1,268 trillion to N109.129 trillion from the N107.861 it ended a day earlier.
The growth recorded during the session was powered 55 equities, which outweighed the losses recorded by 19 other equities.
Guinea Insurance expanded by 10.00 per cent to N1.43, Seplat Energy grew by 10.00 per cent to N7,370.00, RT Briscoe increased by 9.95 per cent to N11.49, Neimeth chalked up 9.90 per cent to close at N11.10, and Zichis rose by 9.89 per cent to N6.11.
At the other side, Deap Capital lost 9.62 per cent to trade at N6.20, Universal Insurance slipped by 9.43 per cent to N1.44, Haldane McCall declined by 9.09 per cent to N4.00, Red Star Express went down by 9.04 per cent to N15.60, and UPDC depreciated by 7.02 per cent to N5.30.
Business Post reports that the energy index was up by 4.68 per cent, the industrial goods improved by 0.79 per cent, the banking space grew by 0.64 per cent, and the consumer goods sector soared by 0.11 per cent, while the insurance counter lost 0.31 per cent.
Yesterday, market participants traded 713.0 million stocks valued at N22.3 billion in 46,104 deals versus the 694.8 million stocks worth N20.6 billion transacted in 42,095 deals on Wednesday, showing a spike in the trading volume, value, and number of deals by 2.62 per cent, 8.25 per cent, and 9.52 per cent, respectively.
Access Holdings sold 106.6 million shares valued at N2.5 billion, Chams transacted 44.5 million equities worth N201.3 million, Champion Breweries traded 44.5 million stocks for N774.3 million, Universal Insurance exchanged 34.8 million shares worth N53.6 million, and Deap Capital sold 22.7 million equities valued at N141.9 million.
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